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Law360 (September 11, 2020, 7:49 PM EDT) -- Legal consulting and technology company Elevate has delayed its initial public offering until 2022 amid the economic upheaval caused by the coronavirus pandemic, the company confirmed on Friday.
Elevate Chairman and CEO Liam Brown told Law360 that the IPO, which was previously planned to take place during the third quarter of 2021, will be pushed back to the third quarter of the following year while the company works to best position itself ahead of the offering.
"We're using this time to focus on how to make things better," Brown said. "We've basically said ... for us to successfully be a public company, we've got to return to growth."
Brown and Elevate Chief Financial Officer Simon Heyrick said that the company was well-positioned to continue operations during the pandemic and already had robust virtual and telework options for its workforce, which is located around the world.
However, the company's growth has stalled, according to Brown. While consulting revenues are up and some clients have accelerated their plans for things like technological upgrades, other clients have decided to delay projects, Brown said.
"We were growing at 20% per annum or faster, and this year's flat," Brown said. "This is the first year that we're going to have a flat year."
Brown and Heyrick also said the company is planning to see some growth later in the year, but that it is not counting on a global economic rebound in 2021 and will therefore delay the planned IPO until the third quarter of 2022.
In the meantime, Elevate plans to focus on improving its services. It is also currently in talks for several potential acquisitions and has considered making branding changes, according to Brown.
--Editing by Alanna Weissman.
For a reprint of this article, please contact reprints@law360.com.
