Feb 12 (Reuters) - 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 stock.
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.