Everbridge, the Boston-area company that makes emergency mass communication systems, priced its IPO at $12 a share, right in the middle of the price range it set last week. It's only the second IPO by a tech company based in Massachusetts, so far this year--though digital testing firm Applause may make a third.
Burlington, Mass.-based Everbridge will list on the Nasdaq with the ticker EVBG. The company raised $90 million in the IPO, according to Renaissance Capital, selling 7.5 million shares. $15 million of that (1.25 million shares) goes to insider shareholders, according to a regulatory filing. Credit Suisse and BofA Merrill Lynch were the lead underwriters.
That price set the company's fully diluted market value at $329 million, according to Renaissance Capital, Not bad for a firm that raised less than $15 million in venture capital, according to PitchBook data. Backer ABS Ventures, of Waltham, Mass., holds 31 percent of Everbridge shares. CEO Jamie Ellertson is the next largest shareholder, with a 13.6 percent stake. Co-founder and board member Cinta Putra owns 10.6 percent.
Founded in the wake of the Sept. 11 terror attacks, Everbridge posted $58.7 million in revenue for 2015, according to its S-1 filing detailing IPO plans. That was 38 percent more than the year before. In 2015, it reported a $10.8 million net loss.
Its systems are designed to locate employees and communicate with them even when normal communications systems, like cellular phones, are jammed or down. Its 2,750 customers (as of earlier this year) include city governments, airports, enterprises and other large organizations. Applications range from mass shootings and wildfires, to communications when cyber attacks have disabled other means.
