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Vista-Backed Allvue Systems Postpones IPO as Markets Fall

By Crystal Tse

Allvue Systems Holdings Inc., a software maker serving private capital fund managers and family offices, postponed an initial public offering in which it sought to raise as much as $291 million.

The company, backed by private equity firm Vista Equity Partners, decided to delay the IPO Tuesday because of adverse market conditions, despite receiving strong interest and positive indications from the broader institutional investor market, it said in a statement. 

Robert Smith, chairman and chief executive officer of Vista Equity Partners LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 1, 2018. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time.

Allvue said it will evaluate and consider the timing for a proposed public offering while maintaining a disciplined approach.

The software firm had marketed 15.3 million shares for $17 to $19 each. The offering was being led by Goldman Sachs Group Inc., Barclays Plc and Credit Suisse Group AG.

The decision to postpone the listing came amid a global stock market plunge. The S&P 500 Index dropped 2 percent Tuesday, the most since May 12.

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 its filings with the U.S. Securities and Exchange Commission.

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. 

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. 

(Updates with company background from sixth paragraph.)

More stories like this are available on bloomberg.com.

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