Portland based Expensify, maker of employees’ expense reports management software, has registered for an initial public offering (IPO), the first such tech filing since Cascade Microtech went public in 2004.
Using the ticker symbol EXFY Expensify’s anticipates trading on the Nasdaq via three classes of stock with voting power concentrated within a voting trust made up of CEO David Barrett and two corporate executives. Filing records show the company has plans of raising $100 million. The figure is likely a placeholder that will be adjusted once Expensify proceeds with its IPO.
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In 2017, nine years after its founding Expensify relocated its headquarters to Portland. As of this last June the company has 30 of its 140 employees working here in Portland, including Barrett. During the first half of 2021, Expensify reported revenue of $65 million, which was an increase of $25 million from the same period of last years. Profits so far this year are 14.7 million; the first half of 2020 profits were $3.5.
Since the dot.com bubble burst, Oregon has turned from a tech-centric city into a low-cost outpost for companies such as Google, eBay and Amazon. Although Expensify has not been a significant economic force thus far in Oregon, the company does own a downtown office building. That plus its IPO could attract additional distributed tech companies to the area.
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