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Private company

Model N

American software company

Model N, Inc. is an American software company founded in 1999 and headquartered in San Mateo, California. The company offers revenue management software technology and life sciences companies. The company went public in 2013 and was taken private by Vista Equity Partners in 2024.3 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

$249.5MRevenue, fiscal 20235
-$33.9MNet income, fiscal 20235
1999Founded1
  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • HeadquartersRedwood City1
  • Websitewww.modeln.com
  • Incorporated inDE6
  • Business address777 Mariners Island Boulevard, Suite 300, San Mateo, Ca 944046
  • Filer categoryLarge accelerated filer6
  • Legal formCorporation4
  • LEI549300WCIL3W0EYSBN944
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressCORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 31421304

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Model N, Inc. is an American software company founded in 1999 and headquartered in San Mateo, California. The company offers revenue management software technology and life sciences companies. The company went public in 2013 and was taken private by Vista Equity Partners in 2024.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

56.6%Gross margin5
-1.7%Operating margin5
-13.6%Net margin5
13.8%Revenue growth, 20235
-29.4%Return on equity5
2.43×Debt to equity5
$23.1MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue43¢$108.2M
  • Research and development19¢$48.5M
  • Other costs36¢$89.9M
  • Income tax1¢$2.8M

Out of $249.5M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Capital spending2¢$447.0K
  • Kept or used elsewhere98¢$23.1M

Out of $23.6M of cash from operations.5

Financial statements

Revenue9101112135$249.5M in 2023+133% since 2016
0$100.0M$200.0M$300.0M2016: $107.0M$107.0M20162017: $131.2M$131.2M2017+23%2018: $154.6M$154.6M2018+18%2019: $141.2M$141.2M2019−9%2020: $161.1M$161.1M2020+14%2021: $193.4M$193.4M2021+20%2022: $219.2M$219.2M2022+13%2023: $249.5M$249.5M2023+14%
Gross profit9101112135$141.2M in 2023+165% since 2016
0$50.0M$100.0M$150.0M2016: $53.3M$53.3M20162017: $70.1M$70.1M2017+32%2018: $89.3M$89.3M2018+27%2019: $75.1M$75.1M2019−16%2020: $95.6M$95.6M2020+27%2021: $106.8M$106.8M2021+12%2022: $122.0M$122.0M2022+14%2023: $141.2M$141.2M2023+16%
Operating income9101112135-$4.1M in 2023−87% since 2016
-$40.0M-$30.0M-$20.0M-$10.0M02016: -$32.7M-$32.7M20162017: -$38.6M-$38.6M2017+18%2018: -$20.8M-$20.8M2018−46%2019: -$15.0M-$15.0M2019−28%2020: -$6.6M-$6.6M2020−56%2021: -$14.4M-$14.4M2021+118%2022: -$13.0M-$13.0M2022−10%2023: -$4.1M-$4.1M2023−68%
Net income9101112135-$33.9M in 2023+2% since 2016
-$40.0M-$30.0M-$20.0M-$10.0M02016: -$33.1M-$33.1M20162017: -$39.5M-$39.5M2017+19%2018: -$28.2M-$28.2M2018−29%2019: -$19.3M-$19.3M2019−32%2020: -$13.7M-$13.7M2020−29%2021: -$29.7M-$29.7M2021+118%2022: -$28.6M-$28.6M2022−4%2023: -$33.9M-$33.9M2023+18%
Fiscal year20162017201820192020202120222023
Revenue$107.0M9$131.2M10$154.6M11$141.2M12$161.1M13$193.4M5$219.2M5$249.5M5
Cost of revenue$53.7M9$61.1M10$65.3M11$66.1M12$65.5M13$86.6M5$97.1M5$108.2M5
Gross profit$53.3M9$70.1M10$89.3M11$75.1M12$95.6M13$106.8M5$122.0M5$141.2M5
Research and development$23.7M9$31.1M10$32.4M11$30.0M12$34.4M13$44.7M5$47.6M5$48.5M5
Operating expenses$135.0M5$145.4M5
Operating income-$32.7M9-$38.6M10-$20.8M11-$15.0M12-$6.6M13-$14.4M5-$13.0M5-$4.1M5
Income before tax-$27.2M5-$31.1M5
Income tax$335.0K9-$3.3M10-$27.0K11$1.0M12$812.0K13$769.0K5$1.5M5$2.8M5
Net income-$33.1M9-$39.5M10-$28.2M11-$19.3M12-$13.7M13-$29.7M5-$28.6M5-$33.9M5
Earnings per share-$0.6012-$0.4013-$0.845-$0.785-$0.895
Earnings per share (diluted)-$0.6012-$0.4013-$0.845-$0.785-$0.895
Shares (weighted, basic)36.7M shares538.1M shares5
Shares (weighted, diluted)36.7M shares538.1M shares5

Compare Model N with another company

Corporate structure

Model N sits at the top of its group. 6 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Model N

  • Model N Wilmington, Delaware, United States
    • Model N (Switzerland) GmbH / Model N (Switzerland) LLC Subsidiary · Switzerland
    • Model N Canada Limited Subsidiary · Canada
    • MODEL N INDIA SOFTWARE PRIVATE LIMITED Subsidiary · Hyderabad, India
    • Model N UK Limited Subsidiary · United Kingdom
    • Sapphire Stripe Holdings, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Model N reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$12.9M5 Sep 30, 2023$12.8M5 Sep 30, 2022+0.7%
Accumulated depreciation$11.6M5 Sep 30, 2023$11.0M5 Sep 30, 2022+6.2%
Property and equipment, net$1.2M5 Sep 30, 2023$1.8M5 Sep 30, 2022−32.4%
Operating-lease assets (leased space)$9.9M5 Sep 30, 2023$15.4M5 Sep 30, 2022−35.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$301.4M5 Sep 30, 2023$193.5M5 Sep 30, 2022+55.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$65.7M5 Sep 30, 2023$65.7M5 Sep 30, 20220%
Finite-lived intangibles, gross$76.9M5 Sep 30, 2023$76.9M5 Sep 30, 20220%
Accumulated amortization$46.7M5 Sep 30, 2023$39.5M5 Sep 30, 2022+18.2%
Finite-lived intangibles, net$30.2M5 Sep 30, 2023$37.4M5 Sep 30, 2022−19.2%

The story

Zack Rinat, the co-developer of NetDynamics Application Server, left Sun Microsystems to found Model N in 1999.

In 2004, the company added a Medicaid Claims Processing application to its Revenue Management Suite main product.

In the spring of 2006, Model N completed an acquisition of Azerity, a software company that focused on pricing and quoting practices for the high tech industry. In early 2012, Model N acquired LeapFrogRX, an analytics company based in Waltham, Massachusetts.

In 2013, the company went public under the New York Stock Exchange ticker symbol MODN, raising about US$100 million. Venture capital firm Accel-KKR backed the initial public offering.

In 2024, Vista Equity Partners announced that it would take the company private in a $1.25 billion deal.

From Wikipedia’s article on Model N (company), shared under CC BY-SA 4.0.7

Leadership

Who has led Model N, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Zack Rinat2013–2018
  2. Edward Sander2016
  3. Jason Blessing2018–2024

Chair

  1. Zack Rinat2013–2018

Chief financial officer

  1. Sujan Jain2013
  2. Mark Tisdel2014–2017
  3. David Barter2017–2020
  4. John Ederer2021–2024
200020052010201520202025
Board members and other officers (32)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Model N (Switzerland) GmbH / Model N (Switzerland) LLC Switzerland8
  • Model N Canada Limited Canada8
  • Model N India Software Private Limited India8
  • Model N UK Limited United Kingdom8
  • Sapphire Stripe Holdings, Inc. Delaware, USA8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MODEL N INCDec 29, 2003 to Feb 13, 20136

Timeline

  1. Jun 27, 20248-K Entered a material agreement; Completed an acquisition or sale; Listing notice or transfer55
  2. May 6, 20248-K Results of operations56
  3. Apr 22, 20248-K Results of operations; Other events57
  4. Apr 8, 20248-K Entered a material agreement; Other events58
  5. Feb 16, 20248-K Shareholder vote59
  6. Feb 6, 20248-K Results of operations60
  7. Nov 9, 20238-K Results of operations61
  8. Aug 8, 20238-K Results of operations62
  9. May 9, 20238-K Results of operations63
  10. Mar 30, 20238-K Other events64
  11. Mar 17, 20238-K Other events65
  12. Mar 14, 20238-K Entered a material agreement; New debt or obligation; Unregistered sale of shares66
  13. May 16, 2018New chief executive Jason Blessing becomes CEO18
  14. Feb 22, 2016New chief executive Edward Sander becomes CEO19
  15. Mar 19, 2013New chief executive Zack Rinat becomes CEO20
  16. 1999Founded Founded1

Calendar

When it reported results

  1. May 6, 2024Reported quarterly or annual results56
  2. Apr 22, 2024Reported quarterly or annual results57
  3. Feb 6, 2024Reported quarterly or annual results60
  4. Nov 9, 2023Reported quarterly or annual results61
  5. Aug 8, 2023Reported quarterly or annual results62
  6. May 9, 2023Reported quarterly or annual results63
  7. Feb 7, 2023Reported quarterly or annual results67
  8. Nov 8, 2022Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

331 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 22 major events, 185 insider forms, 25 large holders, 88 other. The latest 20:

  1. Jul 8, 202415-12G EDGAR
  2. Jun 28, 2024SC 13G EDGAR
  3. Jun 27, 2024S-8 POS EDGAR
  4. Jun 27, 2024S-8 POS EDGAR
  5. Jun 27, 2024S-8 POS EDGAR
  6. Jun 27, 2024S-8 POS EDGAR
  7. Jun 27, 2024S-8 POS EDGAR
  8. Jun 27, 2024S-8 POS EDGAR
  9. Jun 27, 2024S-8 POS EDGAR
  10. Jun 27, 2024S-8 POS EDGAR
  11. Jun 27, 2024S-8 POS EDGAR
  12. Jun 27, 2024S-8 POS EDGAR
  13. Jun 27, 2024S-8 POS EDGAR
  14. Jun 27, 2024S-8 POS EDGAR
  15. Jun 27, 20248-K EDGAR
  16. Jun 27, 20244 EDGAR
  17. Jun 27, 20244 EDGAR
  18. Jun 27, 20244 EDGAR
  19. Jun 27, 20244 EDGAR
  20. Jun 27, 20244 EDGAR

The 331 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

133 open-market trades by officers, directors and large owners since October 2021: 0 buys and 133 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 23, 2024Lyon ChristopherChief Revenue OfficerSale6,753$29.84$201.5KForm 4
May 16, 2024Selig LauraChief People OfficerSale5,411$29.79$161.2KForm 4
May 16, 2024Lyon ChristopherChief Revenue OfficerSale8,786$29.79$261.7KForm 4
May 16, 2024Blessing JasonChief Executive OfficerSale20,179$29.79$601.1KForm 4
May 16, 2024Rayani RehmannChief Strategy & Mktg OfficerSale7,367$29.79$219.5KForm 4
May 16, 2024Ederer JohnChief Financial OfficerSale10,741$29.79$320.0KForm 4
May 16, 2024Anderson, Mark, AlbertChief Services OfficerSale6,194$29.79$184.5KForm 4
May 16, 2024Kannan SureshChief Product OfficerSale8,685$29.79$258.7KForm 4
Mar 14, 2024DeCarlis KimberlyDirectorSale500$25.63$12.8KForm 4
Mar 14, 2024Ederer JohnChief Financial OfficerSale8,018$25.31$202.9KForm 4
Mar 14, 2024Selig LauraChief People OfficerSale2,655$25.32$67.2KForm 4
Mar 14, 2024Lyon ChristopherChief Revenue OfficerSale8,124$25.26$205.2KForm 4
Mar 13, 2024Gulati Manisha ShettyDirectorSale943$25.21$23.8KForm 4
Feb 16, 2024Selig LauraChief People OfficerSale4,770$26.38$125.8KForm 4
Feb 16, 2024Rayani RehmannChief Strategy & Mktg OfficerSale5,564$26.38$146.8KForm 4
Feb 16, 2024Lyon ChristopherChief Revenue OfficerSale7,862$26.38$207.4KForm 4
Feb 16, 2024Kannan SureshChief Product OfficerSale7,456$26.38$196.7KForm 4
Feb 16, 2024Ederer JohnChief Financial OfficerSale8,241$26.38$217.4KForm 4
Feb 16, 2024Blessing JasonChief Executive OfficerSale27,446$26.38$724.0KForm 4
Feb 16, 2024Anderson, Mark, AlbertChief Services OfficerSale5,663$26.38$149.4KForm 4

All 133 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Model N is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMODEL N, INC.2
  • CIK0001118417
  • Employer ID (EIN)77-05288062
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsSeptember 302
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address777 Mariners Island Boulevard, Suite 300, San Mateo, CA 944042
  • Phone(650) 610-46002
  • Shares outstanding39,422,997 as of Apr 26, 202415
  • Public float$1.2B as of Mar 31, 20235
  • On EDGAR sinceDec 29, 20032
  • Filings880 in all: 4 (451), 8-K (93), 144 (56), SC 13G/A (46), 3 (44), 10-Q (34), SC 13G (28), S-8 POS (22)2
    All 34 form types

    DEFA14A (18), 4/A (12), S-8 (12), 10-K (11), DEF 14A (11), UPLOAD (10), CORRESP (6), S-1/A (4), ARS (2), DRS/A (2), SC 13D (2), SC 13D/A (2), 144/A (1), 15-12G (1), 25-NSE (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERTNYS (1), DEFM14A (1), DRS (1), EFFECT (1), PREM14A (1), REGDEX (1), S-1 (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Nov 17, 2023
    Quarterly report (10-Q) May 7, 2024
    Proxy statement (DEF 14A) Jan 5, 2024
    Latest 8-K (8-K) Jun 27, 2024

Sources

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    SEC EDGAROther events
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    SEC EDGAROther events
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