Form 4: Insight Holdings Group Distributes nCino Shares to Partners

Insight Holdings Group and affiliated entities distributed nCino shares to their partners on a pro rata basis, resulting in changes in beneficial ownership.

Summary

• On April 9, 2024, Insight Venture Partners IX Funds distributed an aggregate of 2,138,965 shares of nCino common stock to their partners on a pro rata basis.
• The partners did not provide any consideration for the shares received.
• Insight Venture Associates IX, L.P. acquired direct ownership of 232,122 shares, Insight Venture Partners IX (Class A), L.P. acquired 73,447 shares, and NV Secondary L.P. acquired 6,683 shares in connection with the distribution.
• IVA IX LP distributed 257,662 shares pro rata to its partners, IVP IX Class A distributed 73,447 shares pro rata to its partners, and NV Secondary distributed 6,683 shares pro rata to its partners.
• The filing also clarifies the indirect ownership and control relationships between various Insight entities and the shares held by them.
• Jeffrey Horing, a member of the board of managers of Insight Holdings Group, LLC, serves on the Board of Directors of nCino, Inc.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a share distribution, indicating a neutral sentiment. It doesn't suggest any positive or negative outlook for the company.

Industry Context

Share distributions are a common practice among private equity and venture capital firms to provide liquidity to their limited partners. This distribution doesn't necessarily reflect a negative outlook on nCino, but rather a standard portfolio management activity.

Comparison to Industry Standards

• Distributions of shares to limited partners are a typical mechanism for venture capital and private equity funds to return capital to their investors.
• Similar distributions are often seen from firms like Accel, Sequoia Capital, and Andreessen Horowitz as they manage their portfolio companies and investment cycles.
• The pro rata distribution ensures that all partners receive their fair share based on their ownership interests, which is a standard practice in the industry.

Stakeholder Impact

• The share distribution may slightly increase the float of nCino's stock, potentially impacting trading volume.
• The distribution provides liquidity to Insight's limited partners.

Key Dates