Xactly, which provides a cloud-based platform that ties compensation to employee performance, announced terms for its IPO on Monday. The San Jose, CA-based company plans to raise $77 million by offering 7 million shares (3% insider) at a price range of $10 to $12. At the midpoint of the proposed range, Xactly would command a fully diluted market value of $346 million.
Xactly, which was founded in 2005 and booked $64 million in sales for the 12 months ended April 30, 2015, plans to list on the NYSE under the symbol XTLY. Xactly initially filed confidentially on 3/13/2015. J.P. Morgan, Deutsche Bank and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.
