DENVER - EverCommerce Inc. (NASDAQ:EVCM), a provider of specialized software services for small and medium-sized businesses (SMBs), announced the appointment of Ryan Siurek as its new Chief Financial Officer (CFO), effective September 6, 2024. Siurek, who has been serving as the company's Chief Accounting Officer since July 2023, will succeed Marc Thompson, the current CFO.
Chairman and CEO Eric Remer expressed confidence in Siurek's ability to steer the company through its next growth phase, citing his proven track record and expertise. Siurek brings over three decades of financial and accounting experience to his new role, with a history of leadership positions at public companies, including Biodesix, Inc. and Vail Resorts (NYSE:MTN). At Sprint Corporation, he held roles such as Vice President Controller & Chief Accounting Officer and Vice President, Divisional CFO for specific business divisions.
Marc Thompson, who has been with EverCommerce since 2016, contributed significantly to the company's scaling efforts, capital raising, and the completion of over 50 mergers and acquisitions. His tenure included the company's initial public offering (IPO) in 2021. Thompson will assist in the transition until his departure to pursue other interests.
EverCommerce specializes in providing integrated SaaS solutions tailored to service industries under its EverPro, EverHealth, and EverWell brands. The company's suite of products aims to enhance business management, payment processing, marketing, and customer experience for more than 690,000 service businesses worldwide.
In other recent news, EverCommerce has seen noteworthy developments. The company reported strong first quarter results for 2024, with a 6% year-over-year increase in revenue and a significant 28% growth in adjusted EBITDA. The company's share repurchase program was also expanded, with the Board of Directors approving an additional $50 million allocation, raising the total authorization to $200 million through December 31, 2025.
Goldman Sachs adjusted its outlook on EverCommerce, raising the price target to $8.00 from the previous $7.50, while maintaining a Sell rating on the shares. This adjustment follows EverCommerce's recent financial performance, which exceeded Street estimates by 2% in revenue and EBITDA margins approximately 200 basis points above expectations.
EverCommerce is currently implementing several initiatives to streamline its portfolio, align the organization, and consolidate its brands and products. The company also aims to improve go-to-market efficiencies by bundling solutions rather than offering isolated products.
InvestingPro Insights
EverCommerce Inc. (NASDAQ:EVCM) has recently made headlines with the appointment of Ryan Siurek as the new CFO, a move that may signal a strategic financial pivot for the company. According to InvestingPro Tips, EverCommerce is expected to see net income growth this year, which aligns with the optimism expressed by Chairman and CEO Eric Remer regarding the company's next growth phase. Additionally, the company's liquid assets have been reported to exceed its short-term obligations, indicating a solid liquidity position that could support ongoing operations and investment strategies.
InvestingPro Data reveals a mixed financial picture for EverCommerce, with a market capitalization of $1.96 billion and a high price-to-earnings (P/E) ratio of -48.72, suggesting that investors may be expecting future earnings growth. However, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at -74.37, reflecting the market's uncertainty about the company's profitability in the short term. Despite this, EverCommerce has shown a revenue growth of 7.21% over the last twelve months as of Q1 2024, indicating an upward trajectory in sales performance.
For those interested in a deeper dive into EverCommerce's financial health and future prospects, InvestingPro offers additional insights. There are currently six more InvestingPro Tips available that provide further analysis on the company's valuation multiples, profitability forecasts, and stock performance. Visit https://www.investing.com/pro/EVCM for a comprehensive understanding of EverCommerce's investment potential.
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