• Said to have filed confidentially
• Scale and sales track record boost equity story
• Expected to reach high single-digit-billion-dollar valuation

Pattern, the Lehi, Utah-based global e-commerce acceleration firm, is preparing to go public, according to five sources familiar with the situation.

The company has mandated Goldman Sachs and JP Morgan as lead banks on the listing, according to four of the sources.

The listing is expected around September, according to three of the sources, with one source adding that a public filing is expected by the end of August.

Pattern has already filed confidentially with the SEC, according to one source.

Pattern’s core appeal lies in its role as an engine behind a large share of online purchases for major players like Amazon, handling inventory management, delivery, and other services, according to one of the sources, who cited a wide-ranging client roster and called the platform a strong ecommerce infrastructure play. Management was also early to adopt AI, which has helped it stand out from the competition, this source added.

The company boasts impressive scale and a solid sales track record, another source said. Its business model benefits from deep vertical integration, particularly in fulfilment – something not all sector players offer, this source said. Pattern has already reached profitability, they added.

However, one concern is the company’s reliance on relationships with platforms it doesn’t fully control, the source who discussed Pattern’s core appeal said. If client companies were to significantly change fulfillment policies or bring operations in-house, it could create issues, this source added. Another challenge is macroeconomic: e-commerce services are among the first costs brands cut in a downturn, this source said.

Pattern is expected to list at a high single-digit billion-dollar valuation, according to one of the sources.

The company last raised USD 225m in a Series B funding led by Knox Lane Investments and hit double unicorn status with a USD 2bn valuation.

The valuation will likely be higher than the last private round, but that depends on market reception, given the prevalence of down rounds among the most recent listings, another source said. While there’s no perfect peer, Pattern is expected to be compared to Shopify, he added.

In 2022, Pattern surpassed USD 1bn in annual sales. The same year, it acquired two SaaS companies, namely Amplifi.io and Current.

Most recently, Pattern has been strengthening its governance, appointing independent directors Sue Taylor, former chief accounting officer of Meta and LinkedIn, and Ann Mather, former chief financial officer of Pixar, to the company’s seven-member board.

Pattern and JP Morgan did not respond to requests for comment. Goldman Sachs declined to comment.