<SEC-DOCUMENT>0001193125-21-098233.txt : 20210511
<SEC-HEADER>0001193125-21-098233.hdr.sgml : 20210511
<ACCEPTANCE-DATETIME>20210329155328
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-098233
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALKAMI TECHNOLOGY, INC.
		CENTRAL INDEX KEY:			0001529274
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				453060776
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5601 GRANITE PARKWAY
		STREET 2:		SUITE 120
		CITY:			PLANO
		STATE:			TX
		ZIP:			75024
		BUSINESS PHONE:		972-200-1937

	MAIL ADDRESS:	
		STREET 1:		5601 GRANITE PARKWAY
		STREET 2:		SUITE 120
		CITY:			PLANO
		STATE:			TX
		ZIP:			75024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALKAMI TECHNOLOGY, INC,
		DATE OF NAME CHANGE:	20110906
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">555 Eleventh Street, N.W., Suite 1000</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Washington, D.C. 20004-1304</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Tel:&nbsp;+1.202.637.2200&nbsp;Fax:&nbsp;+1.202.637.2201</TD></TR>
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<TD VALIGN="top" COLSPAN="3">www.lw.com</TD></TR>
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</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">FIRM / AFFILIATE OFFICES</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Beijing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Moscow</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Boston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Munich</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brussels</TD>
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<TD VALIGN="top">New York</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Century&nbsp;City</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Orange County</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chicago</TD>
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<TD VALIGN="top">Paris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dubai</TD>
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<TD VALIGN="top">Riyadh</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">D&uuml;sseldorf</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">San Diego</TD></TR>
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<TD VALIGN="top">Frankfurt</TD>
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<TD VALIGN="top">San Francisco</TD></TR>
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<TD VALIGN="top">Hamburg</TD>
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<TD VALIGN="top">Seoul</TD></TR>
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<TD VALIGN="top">Hong Kong</TD>
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<TD VALIGN="top">Shanghai</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Houston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Silicon Valley</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">London</TD>
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<TD VALIGN="top">Singapore</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Los&nbsp;Angeles</TD>
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<TD VALIGN="top">Tokyo</TD></TR>
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<TD VALIGN="top">Madrid</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Washington,&nbsp;D.C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="top">Milan</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;29, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>VIA EDGAR </U></I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-6010
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jeff Kauten, Staff Attorney</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Larry Spirgel, Office Chief</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Laura Veator, Staff Accountant</TD></TR>
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<TD VALIGN="top">Stephen Krikorian, Accountant Branch Chief</TD></TR>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Alkami Technology, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response to Letter dated March&nbsp;24, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Submitted March&nbsp;10, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-254108</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Alkami Technology, Inc.
(the &#147;<B><I>Company</I></B>&#148;) has filed with the U.S. Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) a Registration Statement (the &#147;<B><I>Registration Statement</I></B>&#148;) on Form <FONT
STYLE="white-space:nowrap">S-1.</FONT> The Company is submitting this letter in response to the comment letter received on March&nbsp;24, 2021 from the staff of the Commission (the &#147;<B><I>Staff</I></B>&#148;), and we are hereby providing the
Company&#146;s responses to the Staff&#146;s letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of reference, the text of the comments in the Staff&#146;s letter has been
reproduced in bold and italics herein. The Company has also provided its response immediately after each numbered comment. Capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in the Registration
Statement. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 29, 2021 </B></P>
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Graphics, page i </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Balance your presentation of selected financial information by including equally prominent disclosure of
your increasing net loss position over the last three years. In addition, please confirm that all the individuals providing testimonials have consented to the inclusion of their testimonials in your filing. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and will revise the graphics on page i in the next amendment to
the Registration Statement accordingly. In particular, the Company will remove the selected financial information previously included. The Company also respectfully advises the Staff that all the individuals providing testimonials have consented to
the inclusion of their testimonials in the Company&#146;s filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 17. Subsequent Events, page <FONT STYLE="white-space:nowrap">F-34</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Your response dated March&nbsp;22, 2021 indicates that you issued 2.7&nbsp;million options subsequent to
December&nbsp;31, 2020. Considering the proximity of these issuances to the date your preliminary price range was determined tell us how you considered using the preliminary price range as a factor in determining the fair value of your common stock
on these issuance dates. In this regard, please quantify factors that supports the significant difference between the 2021 grants valuation and the Preliminary Assumed IPO price. Tell us whether changes in revenue and operating results supports this
significant increase in valuation within a short time frame. In addition, clarify whether additional disclosure is warranted since it appears that the rapid changes in valuation of your shares of ordinary shares was not solely attributable to
changes in your financial condition or results of operations. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully
acknowledges the Staff&#146;s comment. The Company has historically determined the fair value of its common stock using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Accounting and
Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the &#147;<B><I>AICPA Practice Guide</I></B>&#148;). In addition, the Company&#146;s Board of Directors also considered numerous objective and subjective
factors, along with input from management and third-party valuations, to determine the fair value of the Company&#146;s common stock as disclosed in the Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Option grants on February&nbsp;5, 2021, February&nbsp;10, 2021 and February&nbsp;25, 2021 (collectively, the &#147;<B><I>2021
Grants</I></B>&#148;) occurred while uncertainty continued to exist regarding market reception to the Company&#146;s proposed initial public offering (&#147;<B><I>IPO</I></B>&#148;) as well as overall performance of equity markets and the level of
demand for IPOs in general. As a result, the Company approached the valuations underlying the 2021 Grants similar to past </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 29, 2021 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
practice by engaging an independent third-party valuation firm and assessing the Company&#146;s likelihood for completing an IPO as well as other factors. Pursuant to this process, the Company
determined the fair value per share of its common stock to be $15.46, $15.46 and $18.62 when issuing stock option grants on February&nbsp;5, 2021, February&nbsp;10, 2021 and February&nbsp;25, 2021, respectively. This implied a fair market value of
the Company equity of $1.5&nbsp;billion, $1.5&nbsp;billion and $1.7&nbsp;billion for these dates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;23, 2021, the Company
established an initial price range for its IPO of $26 to $29 (slightly lower on the high end than communicated in the Company&#146;s letter to the Staff dated March&nbsp;22, 2021). At the midpoint of the range, the price per share would be $27.50
and the implied fair market of value of the Company&#146;s equity would be $2.45&nbsp;billion. The increase in the projected value of the Company&#146;s equity from the valuations used for the 2021 Grants resulted primarily from information gathered
from ongoing &#147;testing the water meetings,&#148; continued investor feedback from prior &#147;testing the water meetings&#148; following the Company&#146;s public filing of its registration statement on Form
<FONT STYLE="white-space:nowrap">S-1</FONT> on March&nbsp;10, 2021, and the advice of the Company&#146;s financial advisors regarding the Company&#146;s IPO prospects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that, even though its valuations underlying the 2021 Grants were made in good faith based on standard methodologies
and assumptions, in light of the difference between the fair value for a share of its common stock used for stock options granted in February 2021 and the initial price range established for its IPO, the Company reassessed the fair value of these
grants in order to determine the appropriate stock-based compensation expense for financial reporting purposes based on a straight-line interpolation from its valuation prepared for December&nbsp;31, 2020 and the
<FONT STYLE="white-space:nowrap">mid-point</FONT> of its initial price range established for its IPO. Therefore, the Company notes that while it has not yet prepared financial statements for this period, when it does so it intends, solely for
financial reporting purposes, to determine the stock-based compensation expense for the 2021 Grants using a fair value per share of its common stock of $20.46, $21.03 and $22.73 for the option grants issued February&nbsp;5, 2021, February&nbsp;10,
2021 and February&nbsp;25, 2021, respectively. As a result, the Company estimated the grant-date fair value of the 2021 Grants to be approximately $25.5&nbsp;million, which is expected to be recognized, net of estimated forfeitures, over a requisite
service period of 4 years. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company correspondingly proposes to update the following disclosure in Note 17, Subsequent Events, to its
financial statements, regarding the 2021 Grants as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;5, 2021 and February&nbsp;10, 2021, following approval by the
Company&#146;s board of directors, the Company issued options to purchase an aggregate of 2.4&nbsp;million shares of the Company&#146;s common stock, with an exercise price of $15.46 on the grant date to employees under the 2011 Plan. The stock
option grants expire in ten years. Of the stock options, 0.2&nbsp;million vest 25% after one year and then monthly prospectively for a three-year period with the remaining 2.2&nbsp;million stock options vesting monthly over a four-year period in 48
equal monthly installments. In order to determine the appropriate stock-based compensation expense for financial reporting purposes, the Company utilized a fair value per share of its common stock as of the date of the awards to $20.46 and $21.03,
respectively. The grant-date fair value of the stock options granted on February&nbsp;5, 2021 and February&nbsp;10, 2021 is approximately $22.1&nbsp;million, which is expected to be recognized, net of estimated forfeitures, over a requisite service
period of 4 years. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 29, 2021 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;25, 2021, following approval by the Company&#146;s board of directors, the
Company issued options to purchase an aggregate of 0.3&nbsp;million shares of the Company&#146;s common stock, with an exercise price of $18.62 on the grant date to employees under the 2011 Plan. The stock option grants expire in ten years. The
stock options generally vest 25% after one year and then monthly prospectively for a three-year period. In order to determine the appropriate stock-based compensation expense for financial reporting purposes, the Company utilized a fair value per
share of its common stock as of the date of the awards to $22.73. The grant-date fair value of the stock options granted on February&nbsp;25, 2021 is approximately $3.4&nbsp;million, which is expected to be recognized, net of estimated forfeitures,
over a requisite service period of generally 4 years. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company correspondingly proposes to update the following disclosure in
&#147;Management&#146;s Discussion and Analysis of Results of Financial Condition and Results of Operations &#150; Critical Accounting Policies and Estimates &#150; Stock Based Compensation<B></B>&#148;<B></B>,<B> </B>regarding the 2021 Grants as
follows:<B> </B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Preliminary Offering Price and Options Granted Subsequent to December&nbsp;31, 2020 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">During February 2021 we granted stock options to purchase up to 2.7&nbsp;million shares of our common stock at a weighted average price of
$15.87 per share which generally vest over a requisite service period of generally 4 years. In light of the difference between the fair value for a share of our common stock used for stock options granted in February 2021 and the initial price range
set forth on the cover page of this prospectus, we established the fair value of these grants based on a straight-line interpolation from our December&nbsp;31, 2020 valuation and the <FONT STYLE="white-space:nowrap">mid-point</FONT> of our initial
price range in order to determine the appropriate stock-based compensation expense for financial reporting purposes. Therefore, we note that while we have not yet prepared financial statements for this period, when we do we intend, solely for
financial reporting purposes, to use an estimated grant-date fair value of $25.5&nbsp;million for the February 2021 Grants, which is expected to be recognized, net of estimated forfeitures, over a requisite service period of generally 4 years. Our
estimates are based upon information currently available and could change as events and circumstances change. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon completion of this
offering, our common stock will be publicly traded and we will rely on the closing price of our common stock as reported on the date of grant to determine the fair value of our common stock. </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 29, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B> Page
 5
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<IMG SRC="g70489g0117112147813.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibits </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise Exhibits 3.2 and 3.4 to clarify that the exclusive forum provision does not apply to claims
under the Exchange Act. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and will
revise Exhibits 3.2 and 3.4 in the next amendment to the Registration Statement accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 29, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B> Page
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<IMG SRC="g70489g0117112147813.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should you have any comments or questions regarding the foregoing, please contact the
undersigned at (650) <FONT STYLE="white-space:nowrap">463-3060.</FONT> Thank you in advance for your cooperation in connection with this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Tad J. Freese</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tad J. Freese of LATHAM&nbsp;&amp; WATKINS LLP</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael Hansen, Alkami Technology, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">W. Bryan Hill, Alkami Technology, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Douglas A. Linebarger, Alkami Technology, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Joel H. Trotter, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kathleen M. Wells, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Alan Denenberg, Davis Polk&nbsp;&amp; Wardwell LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Stephen Salmon, Davis Polk&nbsp;&amp; Wardwell LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gabe Stagner, Ernst&nbsp;&amp; Young LLP </P>
</DIV></Center>

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