NEW YORK, April 21 (Reuters) – Evercommerce Inc ( EVCMO.O ) is exploring a sale of the corporate after the non-public equity-backed administration software program supplier attracted buyout curiosity, folks accustomed to the matter mentioned on Friday.
Evercommerce is working with funding financial institution Heart View Companions to discover its choices, the sources mentioned.
Evercommerce’s board has arrange a particular committee of impartial administrators to supervise the sale course of, and the 2 largest shareholders, the buyout corporations PSG Fairness and Silver Lake, are more likely to take part within the transaction, the sources mentioned.
PSG Fairness and Silver Lake, which personal 45% and 35% of Evercommerce respectively, haven’t determined whether or not to be a part of a deal and should determine to money out if there’s a transaction, the sources mentioned.
The sources cautioned that there isn’t any certainty that any deal can be reached and requested to not be recognized as a result of the discussions are confidential.
PSG Fairness and Silver Lake declined to remark, whereas EverCommerce and Centerview didn’t instantly reply to requests for remark.
Primarily based in Denver, Colorado, EverCommerce has a market cap of $2.1 billion. It gives administration software program instruments and companies to corporations together with the healthcare and health sectors. It presently serves greater than 685,000 small and medium-sized companies, in response to its web site.
The corporate misplaced a 3rd of its worth after PSG Fairness and Silver Lake listed on the inventory market in July 2021 amid rising competitors and fears of the impression of the financial slowdown on the enterprise.
Reporting by Milana Wynn and David French in New York, Enhancing by Nick Ziminski
Our requirements: The Thomson Reuters Belief Ideas.
We give you some web site instruments and help to get the greatest lead to each day life by taking benefit of straightforward experiences