Vista-Backed Allvue Files IPO Showing Revenue Gain, Bigger Loss

(Bloomberg) — Allvue Systems Holdings Inc., a software maker serving private capital fund managers and family offices, filed for an initial public offering, disclosing mounting revenue and losses.

The company in its filing Friday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will change when terms of the share sale are set.

The listing could value the company, backed by private equity firm Vista Equity Partners, at $2 billion to $3 billion, Bloomberg News reported in April.

Allvue, based in Coral Gables, Florida, had a net loss of $21 million on revenue of $71 million for the first six months of 2021, compared with a $14 million loss on revenue of $63 million a year earlier, according to the filing.

The company said its clients include about 147 private equity and venture capital firms, as well as 19 of the 25 largest global insurance companies and 44 of the 50 largest U.S. pension plans. 

While the filing doesn’t spell out the size of Vista’s stake or those of Allvue’s executives or directors, Vista will continue to control the company after the IPO.

Allvue was formed in 2019 after Vista acquired AltaReturn and merged it with one of its portfolio companies, Black Mountain Systems, according to a statement at the time.

The IPO is being led by Goldman Sachs Group Inc., Barclays Plc and Credit Suisse Group AG. The company plans for its shares to trade on the New York Stock Exchange under the symbol ALVU. 

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