Feb 12 Q2 Holdings Inc, a provider of
cloud-based banking services, filed with U.S. regulators to
raise up to $138 million in an initial public offering of common
Texas-based Q2 is a provider of virtual banking services to
regional and community financial institutions and had about 300
customers as of Sept. 30.
Q2, which listed Digital Insight Corp, First Data Corp and
ACI Worldwide Inc among its competitors, said J.P.
Morgan Securities LLC and Stifel Nicolaus & Co Inc are lead
underwriters to the offering. ()
The company is betting on the increasing focus on online,
mobile and other self-service banking services.
The U.S. financial institutions were projected to spend
$48.9 billion in 2013 on information technology, according to a
report by research firm Celent.
Q2's revenue jumped 41 percent to $41.2 million in the nine
months ended Sept. 30 from a year earlier, the company said in a
filing to the U.S. Securities and Exchange Commission. The
company's net loss widened to $11.3 million from $5.9 million.
The company, which counts Adams Street Partners LLC and
Battery Ventures as its investors, intends to list its stock
under the symbol "QTWO".
The filing did not reveal how many shares the company
planned to sell or on which exchange it plans to list.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.