Gloo Holdings of Boulder raises $72.8 million in its IPO
Colorado welcomes a new addition to its public companies – Gloo Holdings, a software provider based in Boulder that specializes in working with faith-based organizations and nonprofits.
In its initial public offering, Gloo sold 9.1 million shares at $8 each, slightly below the projected range of $10 to $12. However, this price still allowed the company to raise $72.8 million, resulting in an overall market value of $582.2 million.
After trading on the NASDAQ exchange under the ticker symbol GLOO, the company’s shares held steady at $8 and closed the day at $8.10. Subsequently, shares opened at $9 on Friday before settling in the mid-$8 range.
Founded in 2013 by Scott and Theresa Beck, Gloo was named as a play on the word ‘glue’. The company recently appointed Pat Gelsinger, former CEO of Intel, as its head of technology and executive chairman.
Scott Beck, former COO of Blockbuster and CEO of Boston Market, currently serves as the company’s CEO. Gloo’s platform connects over 140,000 users from Christian churches, faith-based organizations, and nonprofits with various service providers in areas such as tech support, content, marketing, and fundraising. With a workforce of 550 employees, the company anticipates further growth as it expands its operations.
Proceeds from the public offering will be allocated towards developing AI-powered tools, cloud services, and enhancing Gloo’s 360 and Workspace platforms. Gloo has experienced growth through acquisitions and intends to acquire additional platforms and service providers in the religious and nonprofit sectors with the funds raised.
Despite facing delays due to the federal government shutdown, Gloo’s current market value positions it as Colorado’s 40th largest public company, following Natural Grocers by Vitamin Cottage.
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