According to Fortune, Automattic, the company behind open-source Web platform WordPress, is seeking to raise between $100 million and $150 million in new equity financing that would give the company a valuation of over $1 billion. This news comes about seven months after Tiger Capital and Iconiq Capital bought a bulk of the stake held by Polaris Partners and only a week after Automattic acquired long-form Web content aggregator Longreads. To date, Automattic has raised $30.6 million in equity funding.
Automattic is a Web development corporation that was founded in 2005. Its projects include comment tools, file sharing services and most notably WordPress.com. The free open source Web software allows users to create custom websites or blogs without much programming by using plug-in architecture and template systems.