Cloud based SaaS company Q2 Holdings priced its initial public offering at $13, above its planned range, and then opened at $16.50. CEO Matthew Flake believes that the company's success is due to its quality product. Q2 targets regional and community banks and provides a complete virtual banking platform. Flake attributes the company's losses to its growth as it invests in more employees and systems to keep up with growing revenues.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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