Trajector, which provides a platform for veterans and disabled individuals to access benefits programs, withdrew its plans for an initial public offering on Tuesday. It originally filed in October 2021 with a proposed deal size of $100 million.
Trajector did not provide a reason for its withdrawal, however market conditions have become more unfavorable than a few months ago due to a decline in US IPO performance, along with poor returns from public comps in the health benefits space.
Trajector's technology-enabled solutions help individuals access and navigate various benefit programs, and submit benefits claims to the VA or SSA. The company's clients primarily include US military veterans and permanently disabled individuals, and it has served more than 250,000 clients to date.
The Newberry, FL-based company was founded in 2014 and booked $100 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq but had not selected a ticker yet (RC ticker: TJCT.RC). Deutsche Bank, Citi, Credit Suisse, Stifel, and Cantor Fitzgerald were set to be the joint bookrunners on the deal.
