Portland finally has a tech IPO again as Expensify shares rise 50% on first day of trading
Portland, Ore.-based expense management software company Expensify went public on Wednesday, with shares rising more than 50% on its first day of trading, sending its valuation to nearly $4 billion.
Founded by David Barrett in 2008, Expensify targets businesses that need help automating the expense reporting process. It reported revenue of $65 million for the first six months of 2021, up from $40.6 million in the year-ago period, and posted net income of $14.7 million.
Expensify is the first Oregon-based tech company to have an IPO in 17 years, The Oregonian reported, and is the latest in a rush of IPOs, SPACs, venture fundings, acquisitions, and more for companies across the Pacific Northwest.