Parradee Kietsirikul
Update 1:35pm: Updates shares, adds further details from Reuters report.
EngageSmart (NYSE:ESMT) rose 6.5% amid a report that private equity firm General Atlantic is exploring the sale of the payments software vendor.
EngageSmart (ESMT) is working with Goldman Sachs and Evercore on a sales process, according to a Reuters report on Thursday, which cited people with the matter.
Several private equity firms are participating in the auction process, according to Reuters. The first-round of bidding has started, with initial offers due later on Thursday.
No deal is certain and General Atlantic, which owns 54% of EngageSmart (ESMT), could elect to sell down its stake in the stock market over time, according to the report. EngageSmart has a market cap of $3.1 billion.
EngageSmart (ESMT) didn’t respond to Reuters request for comment.
EngageSmart (ESMT) short interest is 3%.