Weave Communications, which provides a customer communication and engagement platform for SMBs, announced terms for its IPO on Tuesday.
The Lehi, UT-based company plans to raise $133 million by offering 5 million shares at a price range of $25 to $28. Existing shareholder Pelion Venture Partners intends to purchase $10 million worth of shares in the offering (8% of the deal). At the midpoint of the proposed range, Weave Communications would command a fully diluted market value of $1.9 billion.
Weave states that it is a leading all-in-one customer communications and engagement software platform for small and medium-sized businesses (SMBs), spanning all forms of communications and customer engagement including answering phones, scheduling appointments, and collecting payments, among others. The company's platform is currently used by over 130,000 monthly active users across a range of industries including dentistry, veterinary, and plumbing, among others. Weave requires each physical location of a customer to enter into a subscription to gain full access to its platform, which results in customers with multiple offices having multiple subscriptions. As of June 30, 2021, the company had more than 21,000 locations under subscription across approximately 20,000 customers in the US and Canada.
Weave Communications was founded in 2008 and booked $99 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol WEAV. Goldman Sachs, BofA Securities, Citi, Piper Sandler, Raymond James, Stifel, William Blair, Guggenheim Securities, Academy Securities, Loop Capital Markets, and Tigress Financial Partners are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.
