Form 4: Summit Partners Sells 135,902 Shares of Klaviyo (KVYO) Stock

Summit Partners L.P. and affiliated entities sold 135,902 shares of Klaviyo, Inc. Series A Common Stock at $31.95 per share on August 20, 2024, triggering an automatic conversion of an equal number of Series B Common Stock into Series A Common Stock.

Summary

• On August 20, 2024, Summit Partners L.P., along with affiliated entities including Summit Partners Growth Equity Fund IX-A, L.P., Summit Partners Growth Equity Fund IX-B, L.P., Summit Partners Co-Invest (Kiwi), L.P., Summit Investors GE IX/VC IV, LLC, and Summit Investors GE IX/VC IV (UK), L.P., sold 135,902 shares of Klaviyo, Inc.'s Series A Common Stock.
• The sale was executed at a price of $31.95 per share.
• The transaction involved the automatic conversion of 135,902 shares of Series B Common Stock into Series A Common Stock upon the sale.
• Following the reported transaction, the entities still hold a significant amount of Series B Common Stock, including 27,992,668 shares held by Fund IX-A, 17,478,229 shares held by Fund IX-B, 1,726,012 shares held by Kiwi Co-Invest Fund, 147,122 shares held by Fund IX/VC IV, and 19,095 shares held by Fund IX/VC IV (UK).

Sentiment

Score: 5

Explanation: The document itself is neutral, simply reporting a transaction. The sale could be interpreted as slightly negative, but it's a common occurrence after an IPO and the fund still holds a significant amount of shares.

Industry Context

This transaction reflects ongoing activity by major shareholders in Klaviyo, a marketing automation and customer data platform. Sales by large holders like Summit Partners are common after IPO lock-up periods expire and can influence market sentiment and stock price.

Comparison to Industry Standards

• Comparing this transaction to similar sales by major shareholders in other recently IPO'd tech companies, the scale of this sale is relatively modest.
• For example, sales by venture capital firms in companies like Snowflake (SNOW) or Datadog (DDOG) after their IPOs have often involved larger blocks of shares.
• The impact on Klaviyo's stock price will depend on overall market conditions and investor perception of the company's future growth prospects.

Stakeholder Impact

• The sale of shares by a major shareholder could potentially impact the stock price in the short term.
• However, the long-term impact on stakeholders such as employees, customers, and suppliers is likely to be minimal, as the company's operations remain unchanged.

Key Dates