EngageSmart Inc. on Friday filed its initial public offering documents for the Braintree, Mass.-based payment software company to trade on the New York Stock Exchange under the symbol "ESMT." J.P. Morgan, Goldman Sachs & Co. LLC, BofA Securities and Citigroup are lead underwriters in a syndicate of 13 banks on the IPO, which set maximum proceeds of $100 million as a placeholder. That dollar figure will be revised once the company sets its estimated price range. EngageSmart rang up $274,000 in net income in the six months through end June, after a loss of $6.4 million in the year-earlier period. Revenue rose to $99.2 million from $62.5 million. The company will continue to be controlled by General Atlantic after the IPO. The private equity firm initially invested in EngageSmart in 2018 and holds a majority stake in the company. Summit Partners, an earlier investor in EngageSmart, is a minority shareholder.
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August 27, 2021 at 06:38PM
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General Atlantic-backed payments company EngageSmart files for IPO - MarketWatch
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