Justworks, which provides a cloud-based human capital management platform for SMBs, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
Justworks is a cloud-based software platform that gives small and medium-sized businesses (SMBs) access to benefits, payroll, human resources, and compliance support. The company employs a strategic M&A approach to deliver additional value to its target market, and in October 2020 acquired cloud-based time and attendance solution Boomr to serve more diverse types of small businesses, as well as deepen its portfolio of timecard and payroll features. As of November 2021, Justworks had 8,000 customers across all 50 US states representing almost 140,000 worksite employees.
The New York, NY-based company was founded in 2012 and booked $1.1 billion in sales for the 12 months ended August 31, 2021. It plans to list on the Nasdaq under the symbol JW. Justworks filed confidentially on September 17, 2021. Goldman Sachs, J.P. Morgan, BofA Securities, Baird, Piper Sandler, and Raymond James are the joint bookrunners on the deal. No pricing terms were disclosed.
