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As Q2’s lull fades, unicorn IPOs are revving up
The public markets give, and the public markets take away. Earlier this morning, enterprise cloud storage and productivity company Box got into a more public spat with some of its shareholders upset with its performance and management decisions. But while Box endures the more difficult chapters of being a public company, other companies are racing to join the ranks of the listed concerns of the world.
If it feels like IPO news slowed for a few weeks at the start of the second quarter, your gut is correct. Investors previously told The Exchange that the first, third and fourth quarters of 2021 would be hot periods for public debuts, but that Q2 would be slower. Their argument revolved around reporting cadences and how long it takes for certain periods of accounting work to be completed.
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So we weren’t surprised when the second quarter’s IPO cycle began to feel a bit soft compared to the rapid-fire first quarter. And, as we’ve all heard in recent days, the great SPAC rush is slowing.
But that hasn’t stopped a number of firms from defying expectations and going public all the same. Online hosting and website builder Squarespace has not only filed but filled in its public filing with notes on its anticipated direct listing. We have to talk about its choice to list directly in light of new financial information we have concerning its recent performance.
But there’s more: Expensify filed to go public yesterday, albeit privately. And the SmartRent SPAC combination, though now slightly dated, is also worth a moment of our time.
The final element in the current IPO landscape is the recent Darktrace IPO in the United Kingdom, which, after that market had a rough start to its tech IPO calendar, is now seeing better results. So, let’s discuss IPOs to fully understand where we stand today in the realm of unicorn liquidity.
Squarespace’s direct listing
When The Exchange first dug into Squarespace’s IPO filing, we did our best to parse its full-year results because we lacked its quarterly details. This leaves us with two things to chew on: Why is Squarespace pursuing a direct listing over another listing technique, and what can its current and more granular operating results tell us about the choice?
On the first count, if Squarespace is direct listing, we can presume that it doesn’t need more cash to operate. So, how much cash does the company have on hand? A good chunk of change: $183.3 million.
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Stack Overflow expands its Teams service with new integrations
Most developers think of Stack Overflow as a question and answer site for their programming questions. But over the last few years, the company has also built a successful business in its Stack Overflow for Teams product, which essentially offers companies a private version of its Q&A product. Indeed, the Teams product now brings in a significant amount of revenue for the company and the new executive team at Stack Overflow is betting that it can help the company grow rapidly in the years to come.
To make Teams even more attractive to businesses, the company today launched a number of new integrations with Jira (Enterprise and Business), GitHub (Enterprise and Business) and Microsoft Teams (Enterprise). These join existing integrations with Slack, Okta and the Business tier of Microsoft Teams.
“I think the integrations that we have been building are reflective of that developer workflow and all of the number of tools that someone who is building and leveraging technology has to interact with,” Stack Overflow Chief Product Officer Teresa Dietrich told me. “When we think about integrations, we think about the vertical right, and I think that ‘developer workflow’ is one of those industry verticals that we’re thinking about. ChatOps is obviously another one, as you can see from our Slack and Teams integration. And the JIRA and GitHub [integrations] that we’re building are really at the core of a developer workflow.”
Current Stack Overflow for Teams customers include the likes of Microsoft, Expensify and Wix. As the company noted, 65 percent of its existing Teams customers use GitHub, so it’s no surprise that it is building out this integration.
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Lyft adds automatic ride receipt forwarding for business profiles
Lyft now makes it easier for business travelers to expense the trips they take for work – rides taken under a Business Profile within the Lyft app can now be automatically forwarded to a number of expense management systems, including Expensify, Chrome River, Concur, Nexonia, Zoho, Abacus and Xpenditure. The auto forwarding basically just takes a step out of the process, but it’s a… Read More
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Expensify Announces New Travel Integrations With Uber, Priceline, NexTravel And More
Expensify is taking another step toward making expense reports easier by announcing integrations with a bunch of travel-related services.
So instead of forwarding travel receipts to receipts@expensify.com, users can just make their bookings in the partner service of their choice, and the information will automatically be sent to Expensify for reporting. Read More
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