Utah Startup Weave Said to Explore IPO as Soon as This Year
(Bloomberg) -- Weave, a startup that provides communications and payments technology to businesses, is exploring going public as soon as this year, according to people with knowledge of the matter.
The Lehi, Utah-based company is discussing an initial public offering that could take place in the fourth quarter, the people said. The company could be valued at about $2 billion in any transaction, one of the people said, though terms and timing are yet to be finalized.
“Weave remains committed to growing our business,” a company spokesperson said in an emailed statement. “We are keeping our options open at this time, but our near-term focus is on continuing to add value to our current investors and, most importantly, our small-business customers.”
The company in October 2019 said it raised $70 million in a funding round featuring investors including Tiger Global Management, Catalyst Investors, Bessemer Venture Partners, Crosslink Capital, Pelion Venture Partners and Lead Edge Capital. That transaction valued the company at $970 million, it said at the time.
Led by Chief Executive Officer Roy Banks and Chairman Brandon Rodman, Weave says its tools help small businesses better interact with customers. Its platform, which assists with the collection and management of reviews, includes a payment solution and other technology. More than $210 million in payments have been collected via Weave, its website shows.
In July, the company said it bolstered its leadership team with the additions of Wendy Harper as chief legal officer; Matt Hyde as chief revenue officer; and Matt Hillary as chief information security officer.
At the time, Weave said businesses across the U.S. had been using its platform to communicate their Covid-19 policy changes and re-engage customers.
Weave would be part of a wave of companies going public out of Utah. Enterprise software-maker Qualtrics International Inc. and baby monitor maker Owlet both debuted on the stock market this year. NordicTrack-maker Ifit is also said to be considering an IPO.
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