Austin cloud-based firm files for $138M IPO

Feb 14, 2014
Austin Business Journal

Q2 Holdings Inc., an Austin company that provides cloud-based banking solutions like Q2EBanking, has filed for a $138 million initial public offering, regulatory filings show

The company, which uses a software-as-a-service delivery model for its products, said it plans to trade on the Nasdaq exchange under the ticker symbol QTWO. J.P. Morgan Securities LLC and Stifel, Nicolaus & Co. are lead underwriters for the offering

Filings show that the company reported an $11 million net loss on $41 million in revenue for the first nine months of 2013, compared to a $6 million net loss on $29 million in revenue a year earlier

At the end of September, the company said it had more than 300 customers in 47 states, representing more than 2.9 million retail and commercial users. The company was formed as CBG Holdings Inc. in 2005 and changed its name to Q2 Holdings in March 2013

Adams Street Partners is the company's largest investor, holding 37.6 percent of shares heading into the IPO

In July 2013,  Q2EBanking relocated to a new Northwest Austin location with plans to hire an additional 60 workers

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