Hey there! We actually answered this question a couple times. If you search wecommerce, you'll see answers from a couple days ago. Here was Mats insights on the company, copied from the other answer:
Hi there,
WeCommerce went public via Capital Pool Company - we talked about a few others that have gone public this way. WeCommerce did not cross our radar, but I had a look at all the filings. It is very difficult to analyze the company has unlike a normal IPO, they aren't required to submit a prospectus and unlike an SPAC, there is no need for shareholders to approve the transaction.
From what I can tell, WeCommerce is on pace to grow revenue by approximately 20% this year - no idea what its growth rate was in years prior. Prior to being acquired, it only had 1 news release in 2020 - news of acquiring Foursixty Inc. From the filings, WeCommerce aims to to "acquire businesses (“Portfolio Companies”) within the Shopify ecosystem, including Software as a Service (“SaaS”) businesses. Generally, these businesses build digital goods such as Apps and Themes and run Agencies that support Shopify merchants." In essence it is trying to be a leading consolidator in the Shopify partner ecosystem.
Kind of interesting business model, but is in effect a holding company. They are pretty much relying on the Shopify ecosystem to grow and making acquisitions within that ecosystem.
From my calculations the company generated $17.3M in the last twelve months and has a market cap of $554M based on today's closing price. Of note, it issued shares at $7.00 in the CPC IPO process so it essentially doubled from the IPO price on open. That gives it a P/S ratio of 32 - which isn't cheap. I would have said the IPO looks decently valued, but now it looks expensive. Granted I know nothing of expected growth rates moving forward.
Mat