EverCommerce shares jump on report it is exploring a potential sale

By Sam Boughedda 

Private equity-backed management software vendor EverCommerce (NASDAQ:) is exploring a potential sale after attracting interest, Reuters said Friday, citing people familiar with the matter.

The company is said to be working with Centerview Partners, an investment bank, to explore its options, while EverCommerce’s board has formed a special committee.

The committee reportedly includes independent directors to manage the sale process. Reuters stated that it allows for the possibility that its top shareholders, buyout firms PSG Equity which has a 45% stake, and Silver Lake, which has a 35% stake, to participate in the transaction.

However, the publication’s sources said both PSG Equity and Silver Lake have yet to decide whether they will be part of a potential deal and could decide to cash out should there be a transaction, although there is no certainty that a deal will materialize.

EverCommerce shares jumped more than 11% Friday following the news. However, the stock has fallen around 6% in the last 12 months.