Data and marketing automation company Klaviyo has announced its plans to go public and list on the New York Stock Exchange (NYSE) under the symbol “KVYO.” This move comes as Klaviyo joins Instacart in attempting to launch an initial public offering (IPO), with hopes of taking advantage of a reopening IPO market.
Founded in 2012, Klaviyo has become renowned for its ability to assist businesses with storing user data and creating targeted marketing campaigns, which can be executed through various channels such as email and text messages. Initially focused on serving the e-commerce industry, Klaviyo has recently witnessed a surge in demand from other sectors including restaurants, travel, events, and entertainment.
In terms of its financial performance, Klaviyo reported a noteworthy net income of $15.2 million for the first half of this year. This marks a significant improvement from the same period last year when the company recorded a net loss of $24.6 million.
Klaviyo is heavily backed by Shopify, who owns approximately 11% of the company’s shares and has invested a staggering $100 million. Interestingly, around 77.5% of Klaviyo’s recurring revenue stems from customers who utilize Shopify’s services. Furthermore, Klaviyo enjoys a partnership with Shopify, being recognized as their “recommended email solution.”
In addition to its collaboration with Shopify, Klaviyo boasts integrations with other renowned e-commerce platforms including BigCommerce, Adobe’s Magento, and Salesforce Commerce Cloud. This extensive network of partnerships has proved highly beneficial to Klaviyo’s growth.
As of June 30th, Klaviyo proudly boasts over 130,000 customers. This represents a substantial increase in customer base compared to the 105,000 customers recorded a year ago. This growth can be attributed to Klaviyo’s proven ability to assist businesses in effectively connecting with their target audience and achieving impressive marketing outcomes.
With its plans to go public and list on the NYSE, Klaviyo is undoubtedly looking to cement its position as a key player in the data and marketing automation industry. As IPO activities continue to gain momentum, both Klaviyo and Instacart strive to seize the opportunity to capitalize on a promising market future.
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