Photo: Teymur Madjderey on Flickr
Evernote is hands-down one of the most useful apps when it comes to writing notes and lists, making annotations, and more.It’s also one of the most popular, with 41 million users. And after landing a $70 million investment last year, the private company is valued at $1 billion. That’s more than some publicly traded tech companies.
But despite its success, CEO Phil Libin recently told The Wall Street Journal’s Rachel Emma Silverman that he has no immediate plans to file for an initlal public offering.
That’s because right now, it’s a terrible time to go public. Libin says everyone he knows who is running a public company is having a hard time, which is why he wants to delay Evernote’s IPO.
This is not a new sentiment for Libin, who has repeatedly said that he does not expect the company to go public next year. But he elaborated on the reasons for his go-slow approach.
“We should go public, I think it is kind of morally correct [to do so],” Libin says. “We are asking the world to trust us with their memories—that level of trust needs to be reciprocated, allowing anyone to be an owner if they want to be.”
But right now, Libin says that Evernote, at five years old, is in a position where it can have the most fun as a company. It has the resources to take risks, and maybe even fail a few times without being heavily scrutinized by public shareholders.
Libin also notes that lots of companies have tried to acquire Evernote, but he’s consistently turned down those offers.
“We don’t want to sell the company,” Libin says. “It is not something we want to do.”
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