By Milana Vinn and David French
NEW YORK (Reuters) -EverCommerce Inc, a private equity-backed management software vendor, is exploring a sale of the company after attracting acquisition interest, people familiar with the matter said on Friday.
EverCommerce is working with investment bank Centerview Partners to explore its options, the sources said.
EverCommerce shares jumped on the news and were trading up 15% at $13.27 on Friday morning in New York, giving the company a market value of $2.5 billion.
EverCommerce's board has formed a special committee comprising independent directors to handle the sale process, to allow for the possibility that its two top shareholders, buyout firms PSG Equity and Silver Lake, may participate in the transaction, the sources said.
PSG Equity and Silver Lake, which own 45% and 35% of EverCommerce respectively, have not decided whether they will be part of a potential deal and could decide to cash out should there be a transaction, the sources said.
The sources cautioned that there is no certainty that any deal will materialize and asked not to be identified because the deliberations are confidential.
PSG Equity and Silver Lake declined to comment, while EverCommerce and Centerview did not immediately respond to requests for comment.
Based in Denver, Colorado, EverCommerce provides management software tools and services to companies, including in the healthcare and fitness sectors. It currently serves over 685,000 small and medium-sized businesses, according to its website.
The company has lost a third of its value since PSG Equity and Silver Lake listed it on the stock market in July 2021, amid growing competition and concerns about the impact of a potential economic slowdown on its business.
(Reporting by Milana Vinn and David French in New York; Editing by Nick Zieminski and Jonathan Oatis)