Australia-based graphic design marketplace 99designs is gearing up for an initial public offering on the Australian Stock Exchange that would offer an exit to human resources provider Recruit, according to TechCrunch.
99designs operates an online marketplace where clients can launch a competitive call for graphic design work, selecting a winner from the resulting submissions from freelance designers.
The platform also enables users to work directly with a designer, through a business that makes up about 20% of 99designs’ revenue, and it has a growing list of small business, agency and corporate clients.
The company made the move in October 2017 to relocate its headquarters from the US back to Australia, where it was founded in 2008. It had operated from a US base for more than six years.
The company reached profitability last year. It has not yet set a timescale for when it hopes to float on the public markets.
Recruit Strategic Partners, the corporate venture capital arm of Recruit, led a $10m series B round for 99designs in 2015, that also featured VC firm Accel and assorted angel investors.
Accel had already led the company’s $35m series A round in 2011, participating alongside a range of private backers.