Folsom education software company hits Wall Street

Folsom-based PowerSchool made history Wednesday morning as its company leaders rang the iconic opening bell on the New York Stock Exchange on. PowerSchool has become the largest K-12 education software company in North America to have that honor.In its initial public offering, the company is issuing 39,473,685 shares of Class A common stock. Headquartered in Folsom, the company employs more than 2,900 people and its products are utilized by 45 million students worldwide.As school districts have increased investment in cloud-based software during the COVID-19 pandemic, the company's annual recurring revenue has grown to $512.4 million. Last year, its total revenue grew 19.2% year-over-year, according to the Greater Sacramento Economic Council. But, beyond the numbers, the Greater Sacramento Economic Council says this is a big moment for the Sacramento region."The State Capitol of California is thriving, especially with technology companies," said Michell Willard of the Greater Sacramento Economic Council. "It shows you how successful businesses can be in the Sacramento region, especially technology companies. And, it shows the talent and access we have for these companies to be fruitful and successful."This IPO is expected to generate an excess of $700 million.