Justworks, which provides a cloud-based human capital management platform for SMBs, revived its IPO plans on Monday with a blank filing. The company had previously planned to raise $214 million by offering 7 million shares at a price range of $29 to $32, but postponed in January 2022. In its latest filing, the company also disclosed updated financials for the six months ended November 30, 2021.
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 February 28, 2022, Justworks had nearly 9,000 customers across all 50 US states representing almost 150,000 worksite employees.
Justworks was founded in 2012 and booked $1.2 billion in revenue for the 12 months ended November 30, 2021. It plans to list on the Nasdaq under the symbol JW. Goldman Sachs, J.P. Morgan, BofA Securities, Baird, Piper Sandler, and Raymond James are the joint bookrunners on the deal.
