Wellington Financial portfolio co. Xactly files for NYSE IPO

We had some particularly good news earlier today, as reported by Fortune’s Dan Primack:

Xactly Corp., a San Jose, Calif.-based provider of cloud-based incentive compensation solutions for employee and sales performance management, has filed for a $75 million IPO. It plans to trade on the NYSE under ticker symbol XTLY, with J.P. Morgan and Deutsche Bank serving as lead underwriters. The company reports an $18.5 million net loss on $61 million in revenue for the fiscal year ending Jan. 31, 2015. The company has raised over $80 million in VC funding from firms like Rembrandt Venture Partners (15.2% pre-IPO stake), Bay Partners (11.7%), Alloy Ventures (11.5%), Key Venture Partners (11.2%), Bridgescale Partners (9.4%), Outlook Ventures (8.4%), Illuminate Ventures and Glynn Capital Management. www.xactlycorp.com

We first financed Xactly two years ago this month via our Fund IV, and happily provided additional follow-on funding as the need arose. Our non-amortizing growth capital fulfilled the company’s requirements during the lead-up to a bulge bracket-led tech IPO. Management had the capital they needed to focus on growth, and the existing investors didn’t dilute themselves; this is a classic role for an experienced venture debt firm.

MRM