Pendo IPO: Software company gearing up for public offer?

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Pendo IPO: Software company gearing up for public offer?

 Pendo IPO: Software company gearing up for public offer?
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Highlights

  • Pendo announced a series of announcements at the end of the third quarter, from revenue and customer growth to the new partnership and product development.
  • Trisha Price, ex-chief product officer of fintech firm nCino, joined Pendo; also, software investment firm Thoma Bravo purchased US$110 million shares of the company.
  • Pendo was founded in 2013 and is valued at approximately US$2.6 billion.

Software company Pendo is expected to launch an initial public offering (IPO) by early next year. Analysts believe the recent hiring of the former chief product officer of fintech firm nCino, Inc. is in preparation for the much-awaited IPO of the company.

Pendo IPO: Software company gearing up for public offer?

The Wilmington, North Carolina-based nCino, Inc’s (NASDAQ: NCNO) ex-chief product officer Trisha Price had recently joined Pendo in the same role.

nCino had brought its IPO in July 2020.

Pendo’s clients?

Pendo is a rising software company. Its clients range from fortune 500 companies, educational institutions, healthcare firms to B2B startups like OpenTable, Okta, Verizon, Zendesk, Salesforce, and LabCorp, among others.

The Raleigh, North Carolina-headquartered company was founded in 2013. It has seven offices around the world, with more than 800 employees and over 2000 customers. 

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What does it do?

Pendo develops software that helps companies to meet user expectations. It provides a platform that combines an in-app messaging tool with product analytics and user feedback.

Thus, it helps ensure quick adoption of the Pendo software.

Pendo’s platform helps firms with quantitative and qualitative analyses and insights to make better decisions and improve the efficiency of employees and ROI on the software investment.

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Pendo’s performance in the third quarter

On Nov 11, 2021, the company announced a US$110 million secondary stock investment by the software investment firm, Thoma Bravo. The shares were purchased from the employees and early-stage investors. Analysts estimate Pendo’s value at approximately US$2.6 billion. 

Thoma Bravo’s investment and its rich experience in financial matters would help Pendo craft robust financial and operational guidance.

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In the third quarter this year, Pendo reported improved revenue, while adding 181 new customers, including Veriforce, monday.com, CFG Bank, and Talkwalker, in the period. 

In addition, Pendo secured three new partnerships, such as integration with G2, a strategic alliance with Grant Thornton, and the launch of its platform on Google Cloud Marketplace. 

The Deloitte Technology Fast 500 that ranks technology companies, has recently ranked Pendo at 174 in the list of its fastest-growing technology companies in North America.

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Bottomline

Since its launch, Pendo’s market value has risen significantly. Analysts now expect the company might bring an initial public offering as early as next year. Given its robust customer and revenue growth and top-level hirings in recent times, which analysts see as a preparation for its public offer, the Pendo IPO would be worth watching.

Software company Pendo is expected to launch an initial public offering (IPO) by early next year. Analysts believe the recent hiring of the former chief product officer of fintech firm nCino, Inc. is in preparation for the much-awaited IPO of the company.

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