As Q1 comes to a close, capital markets technology adoption continues to advance even as broader market activity remains uneven. We’ve seen sustained growth in solutions like Venue® and ActiveDisclosureTM, reinforcing that customers are investing in readiness and infrastructure even when transaction timing remains selective.
That emphasis reflects a broader change underway. Governance expectations are increasing, disclosure is more closely scrutinized for clarity and intent, and investors are engaging earlier in the corporate lifecycle. We’ve seen these structural dynamics play out consistently, with regulatory and governance preparation increasingly happening well in advance of capital raises or shareholder votes.
This trend was evident in our first‑quarter results. Despite a volatile environment, we delivered year‑over‑year growth in net sales, expanded adjusted EBITDA margins, and improved cash flow, driven by continued momentum across our software portfolio. Software solutions net sales reached $91.7 million, representing 44.6% of total net sales, reflecting the nondiscretionary nature of regulatory‑driven work.
We’ve also seen more traditional event‑driven activity, including transactional filings such as Madison Air, the largest IPO to price yet this year, and proxy documents, move onto ActiveDisclosure. Customers are using the platform to manage disclosure more continuously, bringing historically episodic work into a single system of record. This shift supports year‑round discipline in disclosure, execution, and risk management rather than treating transactions as isolated milestones. Increasingly, that system of record is supported by DFIN’s industry-leading service and regulatory expertise, bringing additional rigor and support to disclosure management throughout the year.
As we moved from Q1 into April and May, more constructive signals have emerged. Twelve large IPOs priced in April, all raising more than $100 million, and we supported 67% of those transactions. That momentum highlights both market share gains and improved conversion as issuance activity begins to rebuild.
Technology as an Enabler of Control and Confidence
Technology’s role in capital markets workflows continues to expand beyond efficiency. We’re seeing platforms evaluated not only on speed, but on control, auditability, collaboration, and risk management.
This is where the newest version of Venue is particularly important. It has been built from the ground up, not as an incremental update, but as a modern platform designed to disrupt how data rooms support disclosure‑driven workflows. Today, we are a strong number three in that market, and we are well positioned to take share as clients modernize how they manage disclosure and transactions.
DFIN Active IntelligenceTM reflects a similar shift. It is a natural extension of our disclosure platform, designed to support accuracy, surface relevant insights, and strengthen decision making across complex workflows. Our focus is on AI as an enabler of confidence and consistency, reinforcing disciplined disclosure rather than replacing professional judgment.
It will be a force multiplier for our clients as we continue to expand these capabilities across our solutions suite.
More broadly, as AI prompts a reassessment across SaaS, we are focused on Active Intelligence reinforcing, not undermining, the system of record. In regulated, high‑consequence environments, our clients depend on trusted data, governed workflows, complete audit trails, and secure execution environments where actions carry legal, regulatory, and operational weight. ActiveDisclosure and Venue serve as those systems of record: they own the authoritative data model, preserve historical truth, govern execution, and remain the source of record long after decisions are made. ActiveDisclosure is where official filing content lives and where submissions are controlled, approved, and recorded, not in Word, Excel, or an AI agent, while Venue provides the same durability for transactions, governance, diligence, and shareholder decision making. This embedded approach leverages AI in high-consequence workflows to enhance confidence, defensibility, and execution in the moments that matter most.
Looking Ahead
The market environment favors organizations that are deliberate in how they govern, disclose, and execute. Governance signals are forming earlier, disclosure expectations continue to rise, and regulatory complexity remains a constant.
There is also clear durability in the relationships formed through these transactions. Most issuers that completed IPOs this spring have adopted ActiveDisclosure as their financial reporting platform post‑IPO, reinforcing the shift from one‑time events to long‑term, recurring engagement. As we reiterated during today’s earnings call, long‑term growth in disclosure and compliance software is driven less by market timing and more by sustained complexity. Companies that treat disclosure and compliance as ongoing responsibilities are better positioned to navigate this environment with confidence and consistency.
