Summary
- nCino has filed to raise $175 million in gross proceeds from a U.S. IPO.
- The firm provides software to financial institutions for a variety of important functional areas.
- NCNO is growing sharply, turning toward operating breakeven and the industry is forecast to grow impressively in the coming years, so the IPO is worth considering.
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Quick Take
nCino (NCNO) has filed to raise $175.4 million from the sale of its common stock in an IPO, according to an amended registration statement.
The company provides a variety of cloud-delivered software technologies to financial institutions seeking to modernize their onboarding, loan origination and account opening systems.
NCNO has produced a strong revenue growth rate, is making a path toward profitability, has low operational cash burn, high dollar-based net retention rate and strong industry prospects, and the IPO appears reasonably valued, although not cheap.
Company & Technology
Wilmington, North Carolina-based nCino was founded to develop cloud-based financial software to assist financial institutions in serving their customers in an efficient and modern manner.
Management is headed by president and Chief Executive Officer Mr. Pierre Naude, who has been with the firm since its founding and was previously Divisional President of S1 Corporation and Vice President and Managing Partner of Unisys.
Below is a brief overview video of the firm's product offerings:
