Management software company EverCommerce explores sale -sources

EverCommerce

21/04/2023 14:44

By Milana Vinn and David French
       NEW YORK, April 21 (Reuters) - EverCommerce Inc
 EVCM.O , a private equity-backed management software vendor, is
exploring a sale of the company after attracting acquisition
interest, people familiar with the matter said on Friday.
    EverCommerce is working with investment bank Centerview
Partners to explore its options, the sources said.
    EverCommerce's board has formed a special committee
comprising independent directors to handle the sale process, to
allow for the possibility that its two top shareholders, buyout
firms PSG Equity and Silver Lake, may participate in the
transaction, the sources said. 
    PSG Equity and Silver Lake, which own 45% and 35% of
EverCommerce respectively, have not decided whether they will be
part of a potential deal and could decide to cash out should
there be a transaction, the sources said.
    The sources cautioned that there is no certainty that any
deal will materialize and asked not to be identified because the
deliberations are confidential.
    PSG Equity and Silver Lake declined to comment, while
EverCommerce and Centerview did not immediately respond to
requests for comment.
    Based in Denver, Colorado, EverCommerce has a market value
of $2.1 billion. It provides management software tools and
services to companies, including in the healthcare and fitness
sectors. It currently serves over 685,000 small and medium-sized
businesses, according to its website. 
    The company has lost a third of its value since PSG Equity
and Silver Lake listed it on the stock market in July 2021, amid
growing competition and concerns about the impact of a potential
economic slowdown on its business.  

 (Reporting by Milana Vinn and David French in New York, Editing
by Nick Zieminski)
 ((milana.vinn@thomsonreuters.com))