BigCommerce, a designer of software to make online storefronts, is considering a stock market flotation in the US that could value it at more than USD 1.00 billion, people familiar with the matter told Bloomberg.
According to these sources, the group is working with Morgan Stanley on the offering, as the business has filed confidentially with the Securities and Exchange Commission.
There is no guarantee of a deal taking place as plans have not yet been finalised, the insiders cautioned.
Bloomberg observed that ecommerce has been one of only a few sectors to maintain steady business during the coronavirus pandemic, with Shopify more than doubling its trading price since mid-March.
A representative for the business was not available for comment, while Morgan Stanley declined to give a statement when contacted by the news provider.
BigCommerce recorded over USD 25.00 billion in merchant sales on its platform, which allows users to run their online operations, saving time and money with more built-in features than other leading applications.
The company is said to have raised over USD 200.00 million in capital to date, the latest of which took place in 2018 when the group fetched USD 65.00 million from Goldman Sachs, Tenaya Capital and General Catalyst Group Management, among others.
BigCommerce allows companies to manage their online sales through marketplaces such as Amazon and social media platforms including Instagram shopping.
Its customers are mainly in the fashion, health and beauty and food and beverage segments.
According to Zephyr, the M&A database published by Burau van Dijk, there have been 1,961 deals targeting software publishers announced worldwide in 2020 to date.
Insight Holdings Group has agreed to acquire the remaining stake Cyprus-based Veeam Software for USD 5.00 billion, in the largest of these.
Other targets included naviHeath, Compuware and ForeScout Technologies, among others, have also been targeted in the year so far.
© Zephus Ltd