BOSTON - Klaviyo , Inc. (NYSE:KVYO), a prepackaged software services company, announced the results of its annual meeting held on June 11, 2024. During the virtual event, shareholders voted on key proposals including the election of directors and the ratification of the company's independent auditor.
The election saw Andrew Bialecki, Ping Li, and Tony Weisman secure positions as Class I directors on the Klaviyo board. They will each serve until the 2027 annual meeting of stockholders, subject to earlier departure. Bialecki received 1,801,958,029 votes for, Li had 1,793,636,427, and Weisman garnered 1,792,935,253, with respective withheld votes and broker non-votes also recorded.
Additionally, shareholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with an overwhelming majority of 1,822,505,666 votes in favor, against 56,569, and 4,251,543 abstentions.
No other matters were brought forward or voted upon at the meeting. This announcement is based on the information contained in the 8-K filing with the Securities and Exchange Commission. Klaviyo, headquartered in Boston, Massachusetts, operates under the SIC category of Services-Prepackaged Software and is incorporated in Delaware.
In other recent news, Klaviyo Inc. has been making significant strides in its business operations. Barclays recently upgraded Klaviyo's stock rating to overweight, reflecting optimism about the company's growth prospects in the software sector. The firm also raised the price target to $29 from the previous target of $25. Klaviyo's robust first-quarter results for 2024 exceeded consensus estimates, with revenue and adjusted EBIT figures surpassing expectations by 3.9% and 23.0% respectively.
The company has also announced a partnership with TikTok, integrating its customer segmentation tools with the social media platform to enhance advertising efficiency for brands. This development is expected to streamline the process of targeting ads and building relationships with potential buyers. Furthermore, Klaviyo's entry into SMS in nine countries and the rollout of new features such as multi-account management systems are projected to drive market share gains.
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