eCommerce Software program Platform VTEX: Potential IPO

The Brazilian eCommerce software program supplier VTEX has chosen banks to deal with a possible preliminary public providing, Bloomberg News reported Friday.

VTEX, which is backed by SoftBank Group Corp, will work with J.P. Morgan Chase & Co. and Banco Itau BBA on a doable Nasdaq itemizing, sources instructed Bloomberg, asking to stay nameless as they have been discussing confidential data.

VTEX, “which payments itself because the world’s first and solely totally built-in business marketplace-OMS platform,” stated a call on the IPO will depend upon its shareholders, and no plans have been introduced. The 2 banks declined to remark.

Final 12 months, VTEX accomplished a $225 million funding spherical that put its valuation at $1.7 billion, with buyers that included Tiger World, Lone Pine Capital, Endeavour Catalyst and SoftBank.

“If the itemizing is profitable, it will be an vital landmark for SoftBank’s Latin American push,” Bloombeg notes. “The Japanese conglomerate launched a $5 billion fund to put money into the area’s startups again in 2019, and has since bought stakes in digital lender Banco Inter SA, delivery-services agency Rappi SAS and Gympass, amongst others.”

Created in 2000, VTEX serves greater than 3,000 on-line storefronts in additional than 32 nations, working with corporations resembling Walmart, Coca-Cola, Nestle, and Sony.

In an interview with PYMNTS final 12 months, VTEX chief technique officer and U.S. basic supervisor Amit Shah stated he expects extra corporations to embrace direct-to-consumer gross sales.

He stated {that a} post-COVID disruption of on-line retail has led to greater than 200 p.c development for VTEX’s D2C enterprise and predicted the pattern of serving to corporations construct their very own platforms will proceed.

“We allow a few of these corporations to construct a market that’s their very own, the place they’ll promote their merchandise but in addition complementary merchandise to offer that finish buyer extra selection and extra comfort,” Shah stated.