has filed with the SEC for an Initial Public Offering. The Form S-1 filed this week shows the company narrowed its loss on a 40.8-percent increase in revenue for the year ended June 30. The number of shares to be sold have not yet been determined.

The payments software company reported a loss of $7.19 million for the most recently ended year, down from $7.3 million for fiscal 2018. Revenue for fiscal 2019 was slightly less than $86 million, up from $57 million the prior year.

The largest shareholders are seven investment groups. The biggest of those are DCM with 19.8 million shares, 16.3 percent of the total, and August Capital with 15.5 million shares, a 12.7-percent stake. 

Founder and CEO Rene Lacerte owns 7.6 million, 6.2 percent of shares. The S-1 also shows Lacerte received $5.4 million in compensation for fiscal 2019 with $4.8 million of that from option awards. CFO John Rettig had $2.7 million in pay and SVP of product Bora Chung $2.2 million for fiscal 2019.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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