Gloo, supported by Pat Gelsinger, aiming to raise up to $109M in IPO

Gloo Holdings Inc., a software provider catering to faith-based organizations with support from Pat Gelsinger, is gearing up to raise up to $109.2 million through an initial public offering. According to a report by Reuters, the company intends to achieve this goal by selling 9.1 million shares priced at $10 to $12 per share. At the upper end of this range, the valuation of Gloo would reach $873.4 million.

Based in Boulder, Colorado, Gloo specializes in creating software solutions for religious entities like churches. The company launched back in 2013 and secured an investment from Gelsinger, the former CEO of Intel Corp, shortly thereafter. In March of the current year, Gelsinger stepped into the role of Executive Chair and Head of Technology at Gloo.

Among its offerings is the Gloo Workspace application suite, designed to enable churches to communicate with their members through notifications and messages via SMS. For enhanced features such as video sharing and polls, users can opt for the paid tier called Gloo Workspace+.

The software suite includes robust communication capabilities alongside a range of analytics tools. For instance, the engagement monitoring dashboard allows churches to track how their members interact with SMS messages and pinpoint areas for enhancement. Additionally, an integrated analytics tool provides visual insights into attendance patterns.

Another component of Gloo’s product lineup is Gloo AI, which offers artificial intelligence tools specifically tailored for religious organizations. It features an AI chatbot capable of addressing queries related to the organization’s internal data and documents. Gloo makes available both the user-facing version of the chatbot and APIs enabling integration into third-party services.

Gloo engages in selling not just its own software, but also third-party technology products. The company primarily distributes these offerings through an e-commerce platform named Outreach, which it acquired last year. By leveraging the Gloo Media Network, an advertising service, suppliers can extend their market footprint by showcasing their products on religious-themed websites owned by Gloo.

In addition to software and advertising solutions, Gloo provides a professional services package named Gloo360. This offering allows clients to outsource the management and security of their IT infrastructure to Gloo for an annual fee. Furthermore, Gloo has acquired several professional services firms specializing in areas like financial guidance and more.

Although it posted revenue of $28.47 million in the first half of the year ending in June, marking a significant increase from the previous year, Gloo is yet to achieve profitability. The company reported a net loss attributable to shareholders of $69.8 million during the same period.

Following its IPO, Gloo plans to pursue further acquisitions to drive revenue growth. Its shares are set to be listed on the Nasdaq under the ticker symbol “GLOO.”