Feb. 13--Austin-based Q2 Holdings, which provides cloud-based banking services, has filed to raise up to $138 million in an initial public offering. It is the first IPO of 2014 for the Austin area.
The company provides online banking services to regional and community financial institutions and banks. It has more than 300 customers.
The company said the number of shares to sold and the price range for the proposed offering have not yet been determined.
Q2's revenue increased 41 percent to $41.2 million in the nine months ended September 30, compared with the year earlier quarter, according to a securities filing. The company's net loss widened to $11.3 million from $5.9 million.
J.P. Morgan Securities and Stifel Nicolaus & Co are the lead underwriters.
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