Pivotree Inc. has filed a preliminary prospectus in connection with a proposed initial public offering of its common shares. Financial terms are to be determined.
Pivotree has applied to list its common shares on the TSX Venture Exchange.
The underwriting syndicate is being led by Canaccord Genuity Corp. and including National Bank Financial Inc., and additional syndicate members.
Owens Wright LLP and Goodmans LLP are acting as legal counsels to Pivotree and the underwriters respectively.
With over 260 employees and offices in Canada, USA, Spain and India, Kelowna, BC and Toronto based Pivotree provides services focused on the design, implementation, management, and maintenance of complex e-commerce solutions for large enterprises.
Pivotree has two subsidiaries, Thinkwrap Solutions Inc. ThinkWrap which Pivotree acquired in January 2018, and Spark::Red Inc which Pivotree acquired in February 2018.
For the six months ended June 30, 2020, Pivotree reported revenues of $30.8 million, gross profits of $16.9 million and net income of $0.07 million.
Pivotree has raised over $28 million in equity and debt financing since its inception in 1998. Notable investors include Beedie Investments, William Di Nardo (CEO), Vernon Lobo of Mosaic Capital Partners, Brian O’Neil of A Faire Aujourd’hui, and Scott Bryan of Eventi Capital.
photo credit: Pivotree INc.