Bank software firm Alkami plans IPO at $2 billion valuation
Alkami Technology, a provider of cloud-based digital solutions for financial institutions (FIs), is planning an initial public offering (IPO) that could value the firm at more than $2 billion, the company said in a press release on Monday (April 5).
Headquartered in Plano, Texas and founded in 2009, the company will offer six million shares of its common stock expected to be priced at $22-$25 each. It is planning to list on The Nasdaq Global Select Market (NQGS) under the ticker symbol ALKT. The company said it is looking to raise as much as $150 million.
In its filing with the Securities and Exchange Commission (SEC), Alkami said it had recurring annual revenue of $128 million at the end of last year and a subscription revenue mix of 94 percent. Its user base is 9.4 million.
“We founded Alkami to help level the playing field for FIs. Our vision was to create a platform that combined premium technology and FinTech solutions in one integrated ecosystem, delivered as a SaaS solution and providing our clients’ customers with a single point of access to all things digital,” the company said in the filing.
Goldman Sachs, J.P. Morgan and Barclays will act as joint lead book-running managers for the offering. Citigroup and William Blair will be book-running managers, and JMP Securities, KeyBanc Capital Markets and Needham & Company will act as co-managers.
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