SCHEDULE 13G/A: Warburg Pincus Affiliates Maintain Significant Stake in Docebo Inc., Filing Amended Beneficial Ownership Report

Warburg Pincus affiliates have filed an amended Schedule 13G, disclosing their continued beneficial ownership of 12.25% of Docebo Inc.'s common shares as of March 31, 2025.

Summary

• WPGG 14 Investment Ltd. IV and a group of related Warburg Pincus entities collectively beneficially own 3,630,715 common shares of Docebo Inc.
• This aggregate ownership represents 12.25% of Docebo Inc.'s total common shares outstanding.
• The ownership percentage is calculated based on 29,633,182 common shares of Docebo Inc. reported as outstanding as of May 8, 2025.
• This filing is an Amendment No. 3 to a Schedule 13G, indicating an update to previously reported beneficial ownership information.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of Docebo Inc., except for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing (Schedule 13G amendment) disclosing beneficial ownership, which is factual and neutral in tone. It does not contain positive or negative financial performance indicators or strategic announcements.

Positives

• The continued significant stake (12.25%) held by a prominent investment firm like Warburg Pincus may signal ongoing confidence in Docebo Inc.'s long-term prospects.

Risks

• The reporting persons disclaim that the securities were acquired or are held for the purpose of changing or influencing the control of the issuer, which is a standard legal disclaimer in such filings.

Future Outlook

This document does not contain any forward-looking statements or guidance regarding Docebo Inc.'s future outlook.

Management Comments

• "The filing of this Statement shall not be construed as an admission that any of the Reporting Persons are, for the purpose of Section 13(d) or 13(g) of the Exchange Act, the beneficial owner of any securities covered by this Statement."
• "[We] certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing reflects the continued significant institutional investment by Warburg Pincus in Docebo Inc., a company operating in the software and learning technology sector, indicating ongoing investor interest in the industry.

Stakeholder Impact

• Shareholders are informed of the continued significant ownership stake held by a major institutional investor, Warburg Pincus, which may influence market perception of the company.

Key Dates

Keywords

Docebo Inc., Warburg Pincus, Schedule 13G, Beneficial Ownership, SEC Filing, Common Shares, Institutional Investment