The Utah-based Pattern team, including co-founders Melanie Alder and David Wright at the podium, celebrate the ringing of the bell of the first day Pattern stock is available for purchase on Sept. 19 in New York City. (Photo courtesy Nasdaq)
Sept. 19 was listing day for Utah-based Pattern, which had a preliminary prospectus estimate of close to $2.5 billion. The evaluation is not only one of the largest in the state, but also the largest Utah IPO led by a female co-founder.
“This achievement belongs to every member of the Pattern team,” said Melanie Alder, co-founder and chief strategy officer at Pattern. “Their passion, ingenuity and commitment have been the driving force behind our growth and this exciting new era. As we look ahead, I’m filled with optimism. The digital marketplace continues to evolve, and Pattern will be at the forefront — helping brands capture their share of the future of commerce.”
Stock options will start at $14 a share, with a plan to offer approximately $300 million in common stock, per a Pattern press release.
“Pattern is profitable and and and we have a lot of money in the bank, and so it’s really about what they call ‘team sport,’” said John LeBaron, Pattern’s chief revenue officer, when asked about the motive for taking the company public. “What team sport means is that everyone has been a builder of this company.”
The reason for going public was twofold, LeBaron said.
“What [the founders] realized is there just wasn’t enough opportunity to ‘share the love,’ so to speak, with the people who helped build this, without going public,” he said. “The other big thing is we’ve got a lot to invest in — with AI coming fast and furious — and us being at the intersection of that and taking advantage of it, there’s a lot of opportunities for growth. And being able to access public equity markets is a really fantastic way to start to open up those possibilities.”
Pattern focuses on helping companies, both national and international, in the e-commerce world, which is a $4 trillion industry, “forecasted to grow by $400 billion annually over the next few years,” per the release.
“We sit at the intersection of some really big tailwinds in the market,” said LeBaron. “E-commerce is one of the biggest swaths of the GDP — it’s growing absolutely one of the fastest areas of the GDP. There’s a lot of tailwinds in AI and technology platforms.”
Pattern was founded in 2013 by David Wright and Alder. It started in a Lehi warehouse under the name “iServe,” LeBaron said. When he was being recruited, Wright told LeBaron that he wanted it to be a billion-dollar company in five years.
“I thought he was crazy,” LeBaron said. “We were in a warehouse with probably 40 employees [at
the time].”
But LeBaron decided to jump aboard and build the brand, and in 2018 iServe was renamed “Pattern.”
“We renamed and reoriented the name of the company to Pattern, to represent data patterns and predictive patterns,” LeBaron said.
The goal of hitting $1 billion in sales was achieved four years later in 2022, three years before the company went public. In 2024, Pattern had $1.8 billion in revenue.
“Today marks a pivotal milestone in Pattern’s journey,” said Wright, co-founder and chief executive officer. “Going public empowers us to accelerate our mission of helping global brands succeed in the digital marketplace. We’re grateful for the dedication of our team, the trust of our partners, and the support of our customers who got us here. As we enter this new chapter, we remain relentlessly committed to delivering value and innovation to every brand we serve.”