Banking Software Firm Alkami Valued at More Than $3 Billion in U.S. Market Debut

Yesterday, MissionOG Fund II portfolio company Alkami launched its initial public offering on NASDAQ under the ticker symbol ALKT. The business, founded in 2009, raised approximately $180 million. We are proud to support such a high-quality company led by a first-rate management team operating in a prime market.

Alkami, a leading provider of cloud-based digital banking solutions, has thrived as banks and credit unions increase their focus on customer driven digital solutions. As a result, the company’s revenue grew 52% year-over-year in 2020, with registered users now over 10 million representing more than 160 financial institutions.

MissionOG first invested in Alkami in 2017. At the time of the investment, Alkami mapped directly to a core MissionOG FinTech-related investment theme: Industry-specific SaaS solutions will create meaningful efficiencies within markets that are typically slower to adopt technology solutions. Alkami offered a unique mobile-first technology platform featuring multi-tenant architecture, single code base, and a continuous delivery model.

Along the way we have been fortunate enough to watch the team continue to execute and market demand for the solution soar. We also recognize and are appreciative of the collective support and efforts from our co-investors, including General Atlantic, S3 Ventures, Argonaut Private Equity and D1 Capital Partners.

To learn more about the transaction, refer to the press coverage here.

 

Fairmount Partners News

Fairmount Partners is an independent investment banking firm focused on serving the needs of middle market and emerging growth companies. They provide a complete range of investment banking and capital advisory services for our clients including merger and acquisition advisory, financing advisory, fairness opinions and valuations and strategic corporate development advisory services.

  • Represented Avista Pharma Solutions, Inc.  in the sale of its Accuratus Lab Services operations to Microbiology Research Associates (MRA) of Acton, MA, a portfolio company of Thompson Street Capital Partners (TSCP). Accuratus, based outside Minneapolis, MN, is the leading provider of testing services for antimicrobial products that are regulated by the Environmental Protection Agency (EPA). The sale marks another successful strategic exit for Ampersand Capital Partners, the private equity owner of Avista Pharma, and allows Avista Pharma to focus on its core market in contract services to the pharmaceutical industry.
  • Represented ICON plc, (NASDAQ: ICLR) a global provider of drug development solutions and services to the pharmaceutical, biotechnology and medical device industries, in the acquisition of Clinical Research Management (ClinicalRM), a full-service Contract Research Organization specializing in preclinical through Phase IV support of clinical research and clinical trial services for biologics, drugs and devices. Clinical RM specializes in government-sponsored research, and is a leader in infectious diseases, such as Ebola and Zika.  The acquisition will enhance ICON’s ability to access the market for government-sponsored research and further enhances ICON’s capabilities in the areas of vaccines and infectious diseases.  This was Fairmount’s 11th transaction with ICON.
  • Represented Agilux Laboratories, a Worcester, MA-based contract research organization (CRO), that provides a suite of integrated discovery small and large molecule bioanalytical services, drug metabolism and pharmacokinetic (DMPK) services, and pharmacology services in their acquisition by Charles River Laboratories International (NYSE: CRL), a global leader specializing in a variety of pre-clinical and clinical laboratory services for the pharmaceutical, medical device and biotechnology industries.  The company’s unique combination of early-stage services enhances the flexibility and speed of its biopharmaceutical clients’ lead identification, optimization, and candidate selection efforts. Agilux was acquired from the company’s founders and Ampersand Capital Partners, its only institutional investor.  This was Fairmount’s fourth transaction for Ampersand Capital Partners, and third transaction with Charles River Labs.