Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

nCino (NCNO) plans to complete an IPO in the U.S. in the next several weeks, trying to raise $100 million (placeholder).The high-quality SaaS companies have been one of the best performing sectors in the U.S. over the past three months as well as in the past three years. nCino is a Saas company providing cloud-based software to numerous financial institutions in the U.S. including banks and credit unions. The main services offered include deposit account opening, retail loan origination, auto loans, specialty lending, and document management.Two important financial metrics that investors look for in SaaS companies include strong sales growth and improving operating margins and this company has both. Its sales growth has been very impressive over the past three years. It also had an excellent sales growth of 49.9% YoY in the three months ending April 30, 2020. Its operating margins improved from -32.3% in CY2017 to -25.4% in CY2018, and -20.4% in CY2019. nCino's operating margins also improved from -11.7% in 1Q CY19 to -9.6% in 1Q CY20.<div class="content-highlight">The fact that this company has clear evidence of improving operating leverage will likely attract many investors and is one of the important signposts of a successful IPO. </div>

nCino (NCNO) plans to complete an IPO in the U.S. in the next several weeks, trying to raise $100 million (placeholder).The high-quality SaaS companies have been one of the best performing sectors in the U.S. over the past three months as well as in the past three years. nCino is a Saas company providing cloud-based software to numerous financial institutions in the U.S. including banks and credit unions. The main services offered include deposit account opening, retail loan origination, auto loans, specialty lending, and document management.Two important financial metrics that investors look for in SaaS companies include strong sales growth and improving operating margins and this company has both. Its sales growth has been very impressive over the past three years. It also had an excellent sales growth of 49.9% YoY in the three months ending April 30, 2020. Its operating margins improved from -32.3% in CY2017 to -25.4% in CY2018, and -20.4% in CY2019. nCino's operating margins also improved from -11.7% in 1Q CY19 to -9.6% in 1Q CY20.The fact that this company has clear evidence of improving operating leverage will likely attract many investors and is one of the important signposts of a successful IPO. 

United States

Blackbaud, Inc. provides software and related services designed specifically for non-profit organizations. The Company's products and services enable non-profit organizations to increase donations, reduce fundraising costs, improve communication with constituents, manage their finances, and optimize internal operations.

RingCentral, Inc. is a provider of software-as-a-service, or SaaS, solutions for business communications. The Company offers a multi-user, enterprise-grade communications solution that enables customers and their employees to communicate via voice, text, HD video and web conferencing and fax, on multiple devices, including smartphones, tablets, PCs and desk phones.

Rapid7, Inc. provides security data and analytic software solutions. The Company offers services to collect, contextualize, and analyze security data to reduce threat exposure and detect compromise in real-time.

ACI Worldwide, Inc. develops, markets, and supports software products for the global electronics funds transfer market.  The Company's products are used to process transactions involving credit cards, debit cards, smartcards, home banking services, checks, and automated clearing and settlement.

Workiva Inc. provides cloud-based and mobile-enabled platforms for enterprises. The Company offers software to collect, manage, report and analyze business data in real time.

BlackLine, Inc. develops and markets enterprise software. The Company offers cloud-based software that automates and manages complex, manual, and repetitive accounting processes. BlackLine serves customers in the United States.

Instructure Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides learning management system dedicated to elevating student success, amplifying the power of teaching, and inspiring everyone to learn together.

Appian Corporation develops enterprise software solutions. The Company offers business process and cash management software. Appian serves customers worldwide.

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

Progress Software Corporation develops, markets, and distributes application development, deployment, and integration software to business, industry, and government worldwide.  The Company's products include databases, application servers, messaging servers, and development tools for Internet/Web, extranet, and intranet applications as well as for client/server and host applications.

Kingdee International Software Group Company Limited, through its subsidiaries, develops and sells enterprise management software, e-commerce application software and middleware software.  The Company also provides internet-based services and setting up e-commerce platforms for enterprises. In addition, Kingdee provides solution consulting and technical support services.

Kingsoft Corporation Ltd. develops and markets computer software.  The Company develops role-playing computer games and security, word processing, and spreadsheet software.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Hundsun Technologies Inc develops application software for security firms, commercial banks, fund management firms, and other industries.  The Company also sells computer hardware and provides system integration services.

Beijing Venustech Inc. provides a variety of information security products, information security services and information security solutions.  The Company's products and services are intrusion detection systems, intrusion prevention systems, firewalls, real-time monitoring and security management certification training services.

NCSOFT Corporation develops and markets on-line games that enable users to play over the Internet and computer software, such as web editing software.  The Company also designs and constructs databases, Intranet, and commercial Internet access systems.

SQUARE ENIX HOLDINGS CO., LTD. develops and sells entertainment software for home video game consoles including Dragon Quest and Final Fantasy series. The Company also publishes books such as informational guide books for its game software, and comic magazines and books.  Additionally, Square Enix sells character goods and stationery items from its software products.

China National Software & Service Co., Ltd designs, develops, and integrates application software used for the taxation, railway telecommunication, military, commercial aviation, and financial industries.  The Company also designs Chinasoft Linux operating system and develops language conversion software to support Chinese, English, and Japanese

OBIC Business Consultants Co.,Ltd. develops and markets business solution packaged software. The Company's products include software for accounting, banking, wage calculation, sales management, inventory control, and tax calculation. OBIC Business Consultants Co Ltd. also provides support and training services.

FUJI SOFT INCORPORATED is an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software.  Fuji Soft also installs, manages, and maintains computer systems.  The Company develops and sells word processing packaged software and also provides internet service.

nCino, Inc. provides cloud banking solutions. The Company offers solutions to improves employee efficiency while enhancing the customer experience for onboarding, loans, and deposits across all lines of business. nCino serves customers worldwide.

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nCino (NCNO US)

NCino IPO Preview

nCino (NCNO) plans to complete an IPO in the U.S. in the next several weeks, trying to raise $100 million (placeholder).The high-quality SaaS...

Douglas Kim

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