Limeade set for $100M IPO, becoming latest Seattle startup to debut on Australian exchange

Limeade CEO Henry Albrecht speaks at GeekWire Startup Day in 2016. (GeekWire Photo / Kevin Lisota)

Limeade, the Bellevue, Wash.-based human resources technology company, is set to raise $100 million in an initial public offering on the Australian stock market.

Terms of the upcoming IPO put Limeade’s total enterprise value at $454 million, or 5.5 times projected 2020 revenue, according to The Australian Financial Review. The company has raised $34 million in funding as a privately held startup.

Founded in 2006 by tech veteran Henry Albrecht, who remains the company’s CEO, Limeade provides employers with tools for measuring and improving employee wellness and engagement, and overall corporate culture.

The company is currently #31 on the GeekWire 200 index of the Pacific Northwest’s top privately held tech startups.

“Work is broken,” Albrecht told GeekWire last year, explaining the challenge the company is addressing. “Employees are disengaged, isolated and exhausted and don’t feel a sense of purpose or support from their company. HR tools create siloed, demoralizing experiences and remote populations aren’t seeing communications, much less participating.”

Limeade last year acquired Sitrion, a Denver company whose employee engagement app ONE has become a key part of Limeade’s offering.

As of Friday morning, Limeade had received enough interest from investors on the Australian Stock Exchange to proceed with plans for the IPO in December.

Limeade executives declined to comment earlier this week, and the company has yet to publicly disclose detailed financial information. The Financial Review reports that the company is set to file a prospectus with regulators next week.

It’s unusual but not unprecedented for Seattle-area tech companies to go public on the Australian exchange. Mobile advertising technology company Syntonic and Internet of Things data platform Buddy previously went public but through a different process, merging with companies that were already listed there.

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