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HR software startup Justworks reveals revenue jump in IPO filing

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Dec 16 (Reuters) - Justworks, a human resources and payroll software maker, on Thursday made public its filing for an initial public offering in the United States, revealing that its revenue jumped more than 32% in the year ended May 31.

The New York-based company that counts Bain Capital, Thrive Capital and Index Ventures among its investors, did not share terms for its offering but said it plans to list on the Nasdaq under the symbol 'JW'.

The company's cloud-based platform enables small- and medium-sized businesses to handle payroll, benefits, compliance and human resources. In October last year, it acquired Boomr, which automates the process of tracking work hours for employees.

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Justworks is the latest software company to add to a flurry of major tech listings this year. HashiCorp Inc (HCP.O), Toast Inc (TOST.N) and Freshworks Inc (FRSH.O) rank among the top software companies that made strong market debuts, fetching valuations of more than $10 billion.

Founded in 2012 by Isaac Oates, Justworks had raised $50 million in fresh capital in a late-stage financing round in January last year, led by Union Square Ventures and FirstMark Capital that brought its total capital raise to $143 million.

The company reported a net loss of $5.1 million in the three months ended Aug. 31, compared to a profit of $2.2 million a year earlier.

Goldman Sachs, J.P. Morgan and BofA Securities are the lead underwriters for the offering.

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Reporting by Mehnaz Yasmin and Sohini Podder in Bengaluru; Editing by Maju Samuel

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