Providence Equity still seeks buyer for EverCommerce

Providence Equity Partners may still find a buyer for EverCommerce.

The auction of the software and payments provider has hit some bumps, four sources said.

Providence put EverCommerce up for sale earlier this year, Buyouts reported in January. Goldman Sachs advised on the process, the story said.

EverCommerce was expected to sell for more than $1 billion, people said. The Providence, Rhode Island firm also attempted to sell a minority of EverCommerce, one of the people said. Providence was unable to get the bid it wanted, sources said.

Goldman has revived the auction, one of the sources said. The sale of EverCommerce “is still in process,” a different source, not part of the four, said.

EverCommerce offers software and payment services to businesses to help them streamline marketing, business management and customer retention.

The Denver company started out in 2005 when it was known as PaySimple. At that time, the company helped landlords collect rent.

Providence invested $115 million in EverCommerce in 2016. The capital came from Providence Strategic Growth, the lower-middle-market growth fund of Providence Equity Partners. PSG’s third pool closed on $1.3 billion in June. The firm’s second fund collected $640 million in December 2016.

Providence, a middle market firm, is in the market with OEConnection, which makes software for the automotive market, Buyouts reported last month. In March, the PE firm sold Cashnet to Reverence Capital Partners.

Providence declined comment. EverCommerce could not be reached for comment.

Action Item: For more information, contact EverCommerce here.