Expensify, a US-based expense management software developer backed by cybersecurity services provider Barracuda Networks, filed for an initial public offering on the Nasdaq Global Market on Friday.
Founded in 2008, Expensify has developed a cloud-based platform that allows businesses to manage employee expenses. It claims it had nearly 640,000 paid members across 53,000 companies in more than 200 countries and territories as of the end of June this year.
The company, which has set a $100m placeholder target for the offering, made a $14.7m net profit for the first six months of 2021, from $65m in revenue.
Expensify closed a $17.5m series C round in 2015 led by OpenView Venture Partners and backed by Redpoint Partners, Hillsven Capital and Point Judith Capital. It used the capital to launch its unit, Expensify Ventures, at the same time.
Barracuda led Expensify’s $3.5m series B round in 2014, after Redpoint Ventures had led a $5.7m series A four years earlier. It had previously raised $1m in a 2009 seed round featuring Hillsven Capital, Baseline Capital and Travis Kalanick.
The filing does not give details of the stakes held by each investor but the company’s largest shareholders include Hillsven, entities affiliated with Openview Venture Partners, entities affiliated with Point Judith Capital and a vehicle known as Octopus Head.
JP Morgan, Citigroup Global Markets and BofA Securities are joint lead bookrunners for the offering while Piper Sandler, JMP Securities and Look Capital Markets are co-managers.
