This Thursday, emergency communications software provider Everbridge became the second tech company in Massachusetts to go public in 2016, raising $90 million in its initial public offering.
The only other company to IPO this year to date is networking technology firm Acacia Communications, which was listed on public markets in May and raised $103.5 million.
Though two IPOs in a year might not sound like much, that still puts us ahead of 2015, during which cybersecurity firm Rapid7 was the only company headquartered in Boston to go public.
Burlington-based Everbridge sells communications software that’s used during emergencies that threaten lives or business operations, like severe weather, active shooter situations, IT outages and cyber attacks. Its software was used by police and firefighters during the Boston Marathon bombings.
Though designed for emergencies and able to route evacuation messages or aid requests over wireless internet networks or landline telephones when cell towers are jammed, the company's system can also be used for non-emergency messages (like reminding Bostonites to move their cars for street cleaning).
Everbridge will trade on the Nasdaq stock exchange under the ticker symbol EVBG and its shares are expected to begin trading on Friday, the Boston Globe reported.
Everbridge currently has over 3,000 customers (up from 867 five years ago), which range from major airports and hospitals to investment banks and city governments, according to IPO paperwork.
Though Everbridge is not yet profitable, its revenue is growing. The company’s spending spiked in 2015 when it lost $10.8 million on sales of $58.7 million.
Waltham-based venture capital firm ABS Ventures was Everbridge’s largest shareholder before the IPO, with 31 percent of the company’s stock, while Everbridge CEO Jaime Ellertson owned nearly 14 percent of the company. Meanwhile, Co-founder and former CEO Cinta Putra owned about 11 percent, regulatory filings showed.
Photo via company Facebook
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