Form 4: Summit Partners Sells 4 Million Shares of Klaviyo (KVYO) Stock

Summit Partners L.P. reports the sale of 4,000,000 shares of Klaviyo, Inc. Series A Common Stock at $33 per share, while also converting 4,000,000 shares of Series B Common Stock into Series A Common Stock.

Summary

• Summit Partners L.P., along with affiliated entities, filed a Form 4 detailing changes in beneficial ownership of Klaviyo, Inc. (KVYO) stock.
• On May 19, 2025, Summit Partners sold 4,000,000 shares of Series A Common Stock at a price of $33 per share.
• The transaction also involved the conversion of 4,000,000 shares of Series B Common Stock into Series A Common Stock.
• Following the reported transactions, Summit Partners and related entities still beneficially own a significant amount of Klaviyo's Series B Common Stock, totaling 34,827,778 shares.
• The Series B Common Stock is convertible into Series A Common Stock at any time at the holder's election and will automatically convert under certain conditions, including a date specified by 66-2/3% of the outstanding shares of Series B Common Stock, the seventh anniversary of Klaviyo's IPO, or certain transfers.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather reports factual information.

Industry Context

This filing reflects ongoing transactions by major shareholders in publicly traded companies. Sales and conversions are typical activities for investment firms like Summit Partners.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders, ensuring transparency in the market.
• The sale of shares by Summit Partners is a common occurrence for private equity firms as they manage their investments and provide returns to their limited partners.
• Similar transactions are regularly observed with other publicly listed companies where private equity firms hold significant stakes, such as Vista Equity Partners' activities with companies like Ping Identity or Thoma Bravo's involvement with companies like Anaplan.

Stakeholder Impact

• The sale of shares by a major shareholder like Summit Partners could potentially influence the market's perception of Klaviyo, although the impact is likely to be minimal given the overall volume of shares outstanding.
• The transaction provides liquidity to Summit Partners, allowing them to potentially reinvest in other ventures.

Key Dates

Keywords

Klaviyo, Summit Partners, Form 4, Beneficial Ownership, Stock Sale, Series A Common Stock, Series B Common Stock, Conversion