Portland finally has a tech IPO again as Expensify shares rise 50% on the first day of trading

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Expense management software company based in Portland, Oregon Spend it went public on Wednesday, with shares up more than 50% on the first day of trading, bringing its valuation to nearly $ 4 billion.

Found by David Barrett in 2008, Expensify is aimed at companies that need help automating the expense reporting process. It posted revenue of $ 65 million for the first six months of 2021, up from $ 40.6 million for the period a year ago, and posted a net profit of $ 14.7 million.

Expensify is the first Oregon-based tech company to have an IPO in 17 years, Oregon reported, and is the the last one in a hurry of IPOs, SPACs, venture financing, acquisitions and more for Pacific Northwest companies.

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