On September 19 of last year, David Wright and Melanie Alder—co‑founders and now spouses of the e‑commerce platform Pattern—climbed the NASDAQ podium in Times Square. Their appearance, marked by matching black shirts and custom Nike Air Force shoes, capped a journey that began in 2013 when the pair were reselling fridge magnets from Alder’s living room.
From Fridge Magnets to a $4 B Company
Wright, now chief executive, and Alder, chief strategy officer, first met through a mutual friend while each was married to other partners. In early 2013, Wright’s cousin’s wife earned $2 million reselling children’s headbands, prompting Wright to enlist Alder’s logistical talent for a similar venture. The duo launched the operation—then called iServe—by bulk‑shipping magnets, supplements, lotions and essential oils to Alder’s home, where she packaged and shipped orders while Wright handled the technology side after his day job as a data analyst for the Church of Jesus Christ of Latter‑Day Saints.
By 2015 the business secured an exclusive reseller contract with health‑supplement maker Thorne and began generating consistent profits, allowing the founders to draw their first paychecks. That same year, Wright and his coworker Jason Wells left their full‑time jobs to focus on iServe full time. The venture’s rapid growth laid the groundwork for what would later become Pattern.
Business Model and Financial Performance
Pattern’s core offering relieves consumer brands of the complexities of selling across more than 70 online marketplaces, including Amazon, TikTok Shop, Walmart and South‑Korean platform Coupang. The company purchases products in bulk, builds and manages storefronts, handles logistics and applies a markup to generate revenue. Over time, Pattern added data‑science and artificial‑intelligence services that help over 200 brands—such as Panasonic, SkullCandy and Spanx—optimize pricing, advertising and product descriptions.
A concrete example is the partnership with mouthwash brand SmartMouth. Pattern’s AI tracked competitor pricing on Amazon, recommended a lower yet profitable price point, automated ad campaigns and crafted SEO‑friendly product copy. Within three years, SmartMouth reported Amazon as its largest sales channel.
Since its September IPO, Pattern’s stock price has nearly doubled, pushing the market capitalisation above $4 billion. Revenue reached $2.5 billion in the most recent fiscal year, a 39 % increase from 2024, and $1.6 billion was recorded in the first half of 2026. Net profit remains modest—$16 million for the full year and $56 million for the first half of 2026—reflecting the capital‑intensive nature of inventory purchase, shipping and returns. Nonetheless, the company has beat earnings expectations each quarter and benefitted from the expiration of a six‑month lock‑up period in March, which released additional shares to public investors.
Founders’ Personal Journey
Wright grew up in Lehi, Utah, the fifth of six children; his father was a land appraiser and his mother a teacher. Alder was raised in Nevada as one of eight siblings; her father earned $45,000 a year in a government job while her mother stayed home. Both attended Brigham Young University, but only met through Alder’s then‑husband Scott Keate, who introduced them around 2011.
At the time of their first business venture, Alder was raising four children with her husband and Wright was a father of six. Their side hustle eventually led both to file for divorce from their respective spouses in 2015‑2016. After Wright left the Church of Jesus Christ of Latter‑Day Saints in 2016, the two began dating and married in 2018. Together they now share ten children, including a daughter of Wright and a son of Alder who have themselves married.
Following the IPO, Wright’s net worth peaked at $1.7 billion and Alder’s at $1.1 billion in July, when the stock hit a record $29 per share. As of August 7, the couple owns 55 % of Pattern, translating to a combined $2.2 billion equity stake, plus nearly $90 million in cash from early share sales. Their story has positioned Pattern as one of Utah’s most valuable private‑sector companies, alongside Qualtrics and Ancestry.com, and Wright has expressed ambition for Pattern to become the state’s most valuable firm.
Helene Elliott is the senior reporter for News Raise. She covers Science news. She also has a keen interest in photojournalism. Helene holds a nomination for the prestigious Red Smith Award. She is married to author Dennis D’Agostino, a former publicist with the New York Mets.
