MeridianLink, which provides cloud-based software solutions for financial institutions, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $350 million.
MeridianLink is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. The company serves 1,925 customers, including 63 of the leading 100 credit unions per Credit Unions Online as of September 2020. MeridianLink supports its customers' digital transformations with solutions that address nearly all categories of consumer lending, and it is working to transition all of its solutions to a public cloud by the end of 2022.
The Costa Mesa, CA-based company was founded in 1998 and booked $199 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol MLNK. MeridianLink filed confidentially on December 15, 2020. BofA Securities, Credit Suisse, Barclays, Citi and Raymond James are the joint bookrunners on the deal. No pricing terms were disclosed.
