In May, Dunedin software firm Timely announced it had been sold to a Silver Lake-backed Denver company called EverCommerce, for an undisclosed sum. At the time, founder Ryan Baker did let slip that the deal was subject to Overseas Investment Office approval, implying the deal was worth more than the OIO’s $100million threshold. Now, an IPO filing by EverCommerce in the US, dated June 30, has given a much closer idea. Going into the EverCommerce deal, Mr Baker and co-founder Andy Schofield were the largest shareholders, with a 28% stake each, implying each is in for a payment of about $38million. On social media, Mr Baker spoke candidly about the boom-and-bust cycle effect on Timely’s revenue early in the outbreak.

Source: Otago Daily Times July 09, 2021 15:00 UTC