Cloud software firm Timely sold
Another well-known New Zealand cloud software firm has been acquired for big money.
Dunedin-based Timely, which provides a cloud software service to help the likes of hairdressers and beauty salons manage appointments, has agreed to be bought by United States firm EverCommerce.
Timely chief people officer Mary Haddock-Staniland said the purchase price was more than $100 million but the exact amount has not been disclosed.
Timely employs 125 staff, most of whom are in Wellington, Dunedin and Auckland, but also has offices in Melbourne and the UK.
Haddock-Staniland said there would be no restructuring and if anything its team would grow.
The sale follows the acquisition in March of Christchurch software company Seequent and Auckland cloud-based point-of-sale company Vend in two separate deals for sums totalling almost $2 billion.
EverCommerce president Matt Feierstein said in a statement that the privately-owned Colorado firm had been impressed by Timely’s success and was ‘‘excited to support them in their next level of growth’’.
Timely chief executive Ryan Baker said everyone at Timely was ‘‘fizzing’’ about joining EverCommerce.
‘‘EverCommerce shares our passion for the beauty and wellness industry and their values line up brilliantly with our culture here at Timely.
‘‘We’re now able to take the next step in global expansion knowing we have industry experts, who know how to deliver value to small business owners and scale software companies, at our back’’, he said.
Ryan and fellow co-founder Andrew Schofield each own 27 per cent stakes in Timely before the conclusion of the sale, with most of the balance held by venture capital investors.