In May, Dunedin software firm Timely announced it had been sold to a Silver Lake-backed Denver company called EverCommerce, for an undisclosed sum.
At the time, founder Ryan Baker did let slip that the deal was subject to Overseas Investment Office approval, implying the deal was worth more than the OIO’s $100million threshold.
Now, an IPO filing by EverCommerce in the US, dated June 30, has given a much closer idea.
"On April 30, 2021, we entered into an agreement to acquire all of the equity interests of Timely," a section of the filing reads.
"Timely is a New Zealand booking and business management software company. The aggregate purchase consideration related to the acquisition is expected to be approximately $US95 million [$NZ135million], which we expect to pay with cash on hand." It notes final regulatory approval is still pending.
Going into the EverCommerce deal, Mr Baker and co-founder Andy Schofield were the largest shareholders, with a 28% stake each, implying each is in for a payment of about $38million.
The next largest investors were local investment funds Movac (18%), Hoku Group (11%) and Punakaiki Fund (4% ).
The coronavirus outbreak initially looked grim for Timely, as many of its clients were forced to close their doors in March 2020, followed by on-and-off opening over the following months.
On social media, Mr Baker spoke candidly about the boom-and-bust cycle effect on Timely’s revenue early in the outbreak.
But the pandemic ultimately strengthened Timely, as small businesses were motivated to adopt or upgrade online systems.
