Yodlee Announces IPO Valued At $75 Million
Yodlee, a financial service cloud network company, said in an S-1 filing Monday it will release an initial public offering valued at $75 million.
Yodlee's common stock will be listed on the NASDAQ global market exchange under the ticker “YDLE.” No date has been announced of when shares will be released to the open market.
Yodlee offers a financial cloud software that provides its users industry, product, API and data solutions. As of March 31, 2014, Yodlee has over 15 million paid users, over 750 organization users, over 12,500 data sources and 62 U.S. patents.
The sale of Yodlee stock will be made by UBS The underwriter of the offering is made by Merrill Lynch subsidiary, Pierce, Fenner & Smith Incorporated, who owns an aggregate 12.7 percent of Yodlee's outstanding common stock as of March 31. Goldman Sachs has has taken the responsibilities of independent underwriter for the company's IPO.
Yodlee's revenue as of March 31 increased by 28 percent to $19.8 million, due to a surge in subscription revenue by 34 percent from the three months ended March 31, 2013.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.