Intuit Pursued BigCommerce Before IPO: Report

Intuit CEO Sasan Goodarzi.

Photo credit: Stuart Isett for Fortune Magazine, under Creative Commons license

BigCommerce, the e-commerce platform, recently debuted on the public markets, raising $216 million from the sale of 9 million shares to investors. Currently (as of writing), the company sports a market cap hovering around $4.4 billion. Going by a recent report from CNBC, it seems that Intuit, the popular business and financial software company, tried to acquire BigCommerce before the company went public. According to CNBC, Intuit offered $1.5 billion for the company just about a month before its public listing. Such a price would have been a big win for BigCommerce, which had raised $219 million in funding as a private company. However, with a current value of more than $4 billion on the public markets, Intuit appears to have clinched an even bigger win from its public listing.

Over the past year, Intuit has pursued sizeable acquisitions, the most recent being TradeGecko, a Singapore-based startup that develops software for inventory and order management. Earlier this year, Intuit reached a landmark deal to acquire personal finance company Credit Karma for a whopping $7.1 billion in what marks the company's biggest acquisition since its inception. The deal hasn't been completed, still subject to customary regulatory and closing conditions. Throughout his history, Intuit has acquired nearly three-dozen companies, including five from 2018 till date.

BigCommerce, based out of Austin, Texas, is a leading SaaS platform for e-commerce vendors. Tens of thousands of online stores across dozens of countries make use of BigCommerce to power their e-commerce operations. The Austin, Texas-based company recorded $112 million in revenue and net losses of $42.6 million last year. Revenue for the year was up 22% from the previous year.

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