EverCommerce, which provides SaaS solutions to SMBs for business and customer management, announced terms for its IPO on Wednesday.
The Denver, CO-based company plans to raise $325 million by offering 19.1 million shares at a price range of $16 to $18. New investor Hedosophia intends to purchase $75 million worth of shares in the offering. The company also plans to raise an additional $75 million in a concurrent private placement to Silver Lake. At the midpoint of the proposed range, EverCommerce would command a fully diluted market value of $3.4 billion.
EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based small- and medium-sized businesses, or service SMBs. Its platform spans the full lifecycle of interactions between consumers and service professionals with vertical-specific applications. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.
EverCommerce was founded in 2016 and booked $365 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol EVCM. Goldman Sachs, J.P. Morgan, RBC Capital Markets, KKR, Barclays, Deutsche Bank, Jefferies, Evercore ISI, Oppenheimer & Co., Piper Sandler, Raymond James, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
