Connect with us

Business

GoodRx Offers Founders $ 500 Million, Makes $ 100 Million Silver Lake Investment, Makes Quiet Acquisition Before IPO – TechCrunch

Published

on


GoodRx is a rare breed of modern tech IPO: a startup that’s genuinely profitable and heading into public markets. Customer service offers coupons on prescriptions redeemable at pharmacies, which can save customers a lot of money on the monthly price of their medications.

The company filed an S-1 amendment with the SEC this morning, and that included three stories that had not been reported before.

First and foremost, the company notes in its filing that it is offering its two co-founders, Douglas Hirsch and Trevor Bezdek, around 25 million in shares, which the company has placed as a fair market value of 533.3 millions of dollars. This action has both a time-based and a performance-based component, and is designed to engage the duo in the business for the long term.

Unlike most startups coming out these days, the two founders own very little ownership of their company, with Hirsch and Bezdek only holding a 1.3% stake in GoodRx prior to the IPO. The share grant, if fully realized, would roughly quadruple their individual stakes in the company.

This so-called founders’ award was not included in the company’s original prospectus. While companies typically offer stock awards, and sometimes copious stock awards, to key executives and employees, the scale of the offering here is quite high by the norm. This may reflect comments from equity investors who were concerned that the founders would have such a minimal stake in their own company compared to other recent tech IPO issues.

In addition to the allocation of shares, the second information is that the investor in growth shares Silver Lake will purchase a $ 100 million stake in GoodRx through a private placement that will be priced at the IPO. Silver Lake currently owns 35.3% of GoodRx thanks to its previous private equity investment in the company in 2018. The additional $ 100 million in capital will help the fund strengthen its position as GoodRx enters public markets. The deal was signed yesterday, according to the company’s file.

These beat-the-IPO-buzzer private placements have been a common pattern in recent weeks. Similar to Silver Lake here, Salesforce Ventures and Warren Buffetts Berkshire Hathaway have each invested $ 250 million in the Snowflake cloud data platform as part of a private placement. For Berkshire, it was the first foray into an unprofitable tech company.

Third and finally, the company noted that it quietly purchased Scriptcycle, a prescription management service for retail chains, for $ 60.1 million on August 31. The Asheville, North Carolina-based startup has only a handful of employees, according to LinkedIn. As part of the terms of the acquisition, employees and managers are expected to receive $ 3 million in new shares in GoodRx, acquired over two years.

In total, the GoodRxs filing said it is targeting a share price of $ 28 for a maximum offer size of around $ 1.1 billion.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]

Please disable the ad-blocker on this page to see the content

plus