Q2 Virtual Banking Service Registers for Initial Public Offering
Austin: Q2 Holdings, a virtual banking solutions provider, announced filing a registration statement on Form S-1 with the U.S. Securities and Exchange Commission to raise up to $138 Mn in an initial public offering of common stock.
The company was formed as CBG Holdings in 2005 and renamed to Q2 Holdings in March 2013. It will list its stock under the symbol "QTWO" and also adds up Adams Street Partners LLC (37.6 percent of shares) and Battery Ventures as its investors.
The offering will consist of shares to be sold by Q2 and few of their stockholders. The company will not receive any profits from the sale of shares by those stockholders. The number of shares to be opened and the price range have not been determined as yet.
The Q2 banking services for regional and community financial institutions have about 300 customers in 47 states, representing more than 2.9 million retail and commercial users as of September 30.
The company reported at the filing a $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. As of now, the company is eyeing the mounting attention on mobile, online and other self-service banking services.