I’ll reserve judgement on the IPO until the Prospectus is released but my initial reaction is that potential investors may be better served waiting for Ansarada (which has also flagged an IPO this year), assuming people feel a need for VDR exposure. Personally I’m not sold on the business model, they are quite transactional/cyclical businesses although all VDR providers Im sure are trying to move to more annuity style product offerings to reduce earnings volatility. I’ve worked in M&A / related fields the past 8 years and Ansarada and to a lesser extent Intralinks are the go-to VDRs (virtual data rooms) preferred by domestic issuers and IBs. That doesn’t mean Thedocyard isn’t a buy, but my understanding is they are subscale and while it’s been a while since I used their platform (and admittedly I’ve only used it on one deal) it was pretty average from a UX perspective.
