Pivotree Inc. has filed an amendment to its initial public offering (IPO) prospectus. Pivotree intends to raise $35 million through the issuance of common shares priced between $6.50 and $7.50 per share. Based on the estimated price range, Pivotree will issue between 4,670,000 and 5,385,000 shares pursuant to the offering.
The underwriting syndicate is being led by Canaccord Genuity Corp. and including National Bank Financial Inc., Cormark Securities Inc. and Paradigm Capital Inc.
Owens Wright LLP and Goodmans LLP are acting as legal counsels to Pivotree and the underwriters respectively.
Pivotree has applied to list its common shares on the TSX Venture Exchange (TSX-V).
With over 260 employees and offices in Canada, USA, Spain and India, 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. which it acquired in January 2018, and Spark::Red Inc which it 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 $18.8 million in equity funding led by Eventi Capital including an Eventi Capital led buyout in 2015. Most recently it closed a $9 million debt financing with Beedie Investments Ltd. Other notable investors include Vernon Lobo of Mosaic Capital Partners and Brian O’Neil of A Faire Aujourd’hui.
photo credit: Pivotree Inc.
- Fairfax controlled Boat Rocker Media files for IPO on TSX - February 12, 2021
- DRI Healthcare Trust files for US $400M IPO and con-current private placement - February 10, 2021
- Fairfax controlled Farmers Edge files for $100M IPO on TSX - February 9, 2021