According to BetaKit, Vancouver-born Hootsuite is finalizing its preparations to go public on the Toronto Stock Exchange before the end of the year.
Sources with direct knowledge of the company’s plans, who asked to remain anonymous as they are not authorized to speak publicly, confirmed to BetaKit that Hootsuite hopes to IPO on the TSX by mid-December, with a target to raise $200 million.
Those sources indicated that Hootsuite is about to finish “testing the waters” meetings with prospective investors prior to a final board decision to go public.
In anticipation of that decision, Hootsuite is apparently quietly revamping its board with new members to better act as a “public board.”
Hootsuite’s board currently consists of chairman Ryan Holmes (co-founder of Hootsuite), Sara Clemens (COO of Twitch), Jeff Lieberman (managing director at Insight Venture Partners), and Shahrzad Rafati (CEO of BBTV).
Rafati has the most relevent, recent experience with BBTV Holdings successfully going public on the TSX one year ago.