Form 4: Summit Partners Sells Klaviyo Shares in Recent Transaction

Summit Partners, a major shareholder of Klaviyo, Inc. (KVYO), has sold a portion of its Series A Common Stock, according to a recent SEC Form 4 filing.

Summary

• On September 12, 2024, Summit Partners sold 107,205 shares of Klaviyo's Series A Common Stock at a price of $31.33 per share.
• The transaction involved the automatic conversion of Series B Common Stock into Series A Common Stock upon the sale.
• Following the reported transaction, Summit Partners, through its various affiliated funds, continues to hold a significant number of Series B Common Stock, convertible into Series A Common Stock.
• The filing details the indirect beneficial ownership of the shares by several Summit Partners 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.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it simply reports a transaction. The sale itself doesn't necessarily indicate a positive or negative outlook, but rather a portfolio management decision.

Industry Context

This transaction reflects ongoing activity in the market for shares of publicly traded companies, particularly those with significant venture capital or private equity backing. Sales by major shareholders are common and can be driven by various factors, including portfolio rebalancing or profit-taking.

Stakeholder Impact

• The sale of shares by a major shareholder like Summit Partners could potentially create short-term price volatility for Klaviyo's stock.
• The transaction may be of interest to other shareholders and potential investors as they assess the ownership structure and investment decisions of major stakeholders.

Key Dates