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Sorting expenses is sometimes not so badINTL

Sorting expenses is sometimes not so bad

Portland-based expense management software company Expensify filed IPO paperwork with the Securities and Exchange Commission last Friday. The size of the offering was listed as $100m, but this is a placeholder number that is expected to change.

Expensify was set up in 2008 and offers a digital expense management platform for businesses and individuals. Its founder and current CEO David Barrett began programming at the age of six and was involved in a number of tech companies prior to launching Expensify.

The decision to go public comes during a record-setting year for the company. Last quarter, Expensify reported revenue of $65m and net income of $15m compared to $41m and $3.5m during the same quarter last year. Guess a bunch of people have been taking on financial management more seriously lately.

why it matters

The exact terms and timing of the offering aren't yet clear, but Expensify will trade on the Nasdaq under the ticker symbol EXFY. For a company who's motto is "expense reports that don't suck", we're hoping their IPO doesn't suck either.