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Adaptive Insights, which makes cloud-based budget and planning software, is preparing to go public. The Palo Alto, Calif-based software company seeks to raise a maximum of $100 million in proceeds, which will used for a wide range of purposes.
Adaptive lost $42.7 million for the year ended January 31, compared to the $44.7 million in red ink for the prior year. It reported revenue of $106.5 million in the year just ended, an increase of 30.2 percent from $81.8 million for fiscal 2017.
A majority of revenue was $93.9 million in revenue from subscriptions in fiscal 2018, a 34.7-percent increase from slightly less than $70 million the prior year. The prospectus says there were more than 3,800 customers in more than 50 customers on April 30.
Adaptive is led by CEO Thomas F. Bogan, whose 10,050,000 shares are 6.6 percent of stock outstanding.
The lead underwriters are Morgan Stanley, BoFA Merrill Lynch, Jefferies and RBC Capital Markets. JMP Securities and Oppenheimer & Co. are also participating.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
