MeridianLink, which provides cloud-based software solutions for financial institutions, announced terms for its IPO on Monday.
The Costa Mesa, CA-based company plans to raise $300 million by offering 12 million shares (17% secondary) at a price range of $24 to $26. New investor Darlington Partners Capital Management has indicated on up to $50 million worth of shares in the offering (17% of the deal). At the midpoint of the proposed range, MeridianLink would command a fully diluted market value of $2.1 billion.
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.
MeridianLink was founded in 1998 and booked $224 million in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol MLNK. BofA Securities, Credit Suisse, Barclays, Citi, and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
