US-based enterprise technology producer Bill.com filed for a $100m initial public offering on Friday that would enable payment technology producer Fleetcor and payment services firms Mastercard and American Express to exit.
Founded in 2006, Bill provides software that automates back-office finance processes such as invoices, payments and accounts receivable on behalf of small and medium-sized businesses. It made a net loss of $7.3m in the year ending June 2019 from more than $108m in revenue.
The offering will follow more than $275m in funding, the latest of which involved an $88m round in April this year that was led by investment management firm Franklin Templeton and backed by Mastercard and Fleetcor.
The April round also featured Fidelity Investments Canada, part of financial services and investment group Fidelity, as well as Kayne Anderson Rudnick, Cross Creek and Temasek.
Temasek and financial services firm JP Morgan Chase co-led a $100m round for Bill in late 2017 that followed $50m from American Express subsidiary American Express Ventures, Silicon Valley Bank, DCM Ventures, Scale Venture Partners, August Capital, Napier Park Global Capital and Commerce Ventures in 2015.
Scale Venture Partners led the company’s $38m series E round in 2013, investing with American Express, Bank of America, Fifth Third Bank, Commerce Ventures, August Capital, Emergence Capital, DCM, Napier Park Global Capital, TTV Capital, Jafco Ventures and Pete Kight.
Bill had raised $15.5m from Napier Park Global Capital vehicle Financial Partners Fund (FPF), DCM, August Capital, Jafco Ventures, Emergence Capital and Total Technology Ventures.
DCM is the company’s largest shareholder, owning a 16.3% stake, followed by August Capital (12.7%), Temasek (9.1%), Emergence Capital (8.1%), FPF (7.8%), Scale Venture Partners (6.2%) and Icon Ventures (5.7%).
Goldman Sachs, BofA Securities, Jefferies, KeyBanc Capital Markets, Canaccord Genuity, Needham & Company and William Blair have been appointed underwriters for the offering, which is slated to take place on the New York Stock Exchange.
