Alkami Technology, which provides an online banking SaaS platform to regional banks, raised $180 million by offering 6 million shares at $30, above the upwardly revised range of $26 to $28. The company had originally filed to offer the same number of shares at a range of $22 to $25. At pricing, the company commands a fully diluted market value of $2.9 billion.
Alkami states that it enables community, regional, and super-regional financial institutions (FIs) to compete with large, technologically advanced, and well-resourced banks in the US. As of December 31, 2020, the Alkami Platform served 151 FIs, and the company delivered a net dollar revenue retention rate of 117%.
Alkami Technology plans to list on the Nasdaq under the symbol ALKT. Goldman Sachs, J.P. Morgan, Barclays, Citi and William Blair acted as lead managers on the deal.
