Chicago tech firm Enfusion has filed for an IPO after raising funding earlier this year at a $1.5 billion valuation.
Enfusion, a fintech company that makes investment management software, filed with the SEC to raise up to $100 million in a public offering. It plans to list on the New York Stock Exchange under the symbol “ENFN."
The company grew its annual reoccurring revenue in 2020 to $93.4 million, up from $33.1 million in 2017. It reported revenue of nearly $51 million during the first half of 2021, with a net income of $8 million.
Founded in 1995 as an advisory firm to hedge funds, Enfusion launched its software business in 2006. It has more than 600 customers today, with 266 new clients added since January 2020, the company said. Its customers primarily include hedge funds, family offices and other asset managers.
In January 2021 Enfusion raised $150 million at a $1.5 billion valuation. Its backers include ICONIQ Growth, FTV Capital and Hillhouse Capital.
Enfusion has more than 600 employees across nine offices. The firm is led by CEO Thomas Kim, who joined Enfusion in 2020 after serving as COO of Investment Engine Group at Bridgewater Associates.
