PowerSchool Holdings, which provides an education platform for teachers to collect work, grade, and manage classroom activity, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $750 million.
PowerSchool is a leading provider of cloud-based software to the K-12 education market. The company serves more than 12,000 customers, including 93 of the 100 top districts by student enrollment in the US; has 30 state-, province-, or territory-wide contracts in North America; and sells solutions in over 90 countries globally.
The Folsom, CA-based company was founded in 1997 and booked $435 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol PWSC. PowerSchool Holdings filed confidentially on December 22, 2020. Goldman Sachs, Barclays, Credit Suisse, UBS Investment Bank, BofA Securities, Jefferies, Macquarie Capital and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
