Banking, finance, and taxes

Ameriquest Prepares to Enter the Ring With IPO

Chris Lange

Published: November 10, 2015 11:40 am

Last Updated: January 13, 2020 5:20 pm

Ameriquest has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing terms were given in the filing, but the offering is valued up to $75 million, although this number is usually just a placeholder. The company intends to list on the Nasdaq Global Market under the symbol AMQ.

The underwriters for the offering are Raymond James, Stephens, Baird and William Blair.

This company is a growing provider of technology-enabled business-to-business solutions that address the financial process, procurement and asset management needs of businesses. Its solutions are designed to eliminate the inefficiency, expense and lost opportunities caused by traditional paper-based processes, allowing our customers to be competitive.

Ameriquest leverages its industry expertise, proprietary technology and customer and supplier relationships to help enterprises and organizations of varying sizes manage complex and dynamic operational and administrative processes that are frequently managed manually and require substantial internal resources. While it originated as a provider of procurement and fleet management solutions for the transportation industry, the company has used its technology and the expertise developed to offer robust financial process automation solutions and more advanced procurement solutions to companies in multiple industries in recent years.

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During the year ended December 2014, Ameriquest serviced over 2,250 customers varying by size and industry. The company processed $12.2 billion in transaction volume and over 9.2 million transactions through its financial process automation and procurement solutions for customers and their transaction partners at the same time.

In terms of its finances, Ameriquest detailed:

We have experienced substantial growth as we have expanded into new sectors. Our total revenue was $57.6 million, $67.4 million and $84.8 million during the years ended December 31, 2012, 2013 and 2014, respectively, a compound annual growth rate, or CAGR, of 21.4% over those periods. Our net income was $0.6 million, $4.6 million and $6.8 million during the years ended December 31, 2012, 2013 and 2014, respectively. Our adjusted EBITDA was $12.6 million, $21.6 million and $25.9 million during the years ended December 31, 2012, 2013 and 2014, respectively, representing a CAGR of 43.3% over those periods. Our total revenue was $63.9 million and $65.2 million, our net income was $4.6 million and $4.2 million and our adjusted EBITDA was $18.3 million and $21.0 million during the nine months ended September 30, 2014 and 2015, respectively.

The company intends to use the proceeds from this offering to repay indebtedness and the remainder for working capital and general corporate purposes.

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