Cardlytics Inc., a low-key but influential provider of marketing data that has raised more than $200 million in funding, is planning to go public.

That’s according to a report from TechCrunch published today that cited multiple sources as saying the Atlanta, Georgia-based firm has quietly put in the paperwork for an initial public offering. Such confidential filings are a luxury afforded under the 2012 JOBS Act to companies with annual revenues below $1 billion. Previous beneficiaries of the legislation include Twitter Inc., which exercised the secrecy option with its 2013 IPO.

The JOBS Act is intended to let so-called “emerging growth companies” avoid the attention that comes with making their financial documents available to the public. According to TechCrunch’s sources, Cardlytics is taking advantage of this regulatory perk to take its time and quietly pursue initiatives that will make the IPO more attractive to investors. As part of the effort, the analytics provider is reportedly exploring potential partnership opportunities that could help build out its business.

Cardlytics works with banks to create rewards programs tailored according to consumers’ purchase histories. The financial institution gains the ability to better engage clients, while Cardlytics receives access to valuable transaction data that it makes available to marketers through a suite of analytics products.

These offerings constitute the bread-and-butter of Cardlytics’ business. The provider helps marketers understand where consumers are spending their money, fine-tune campaigns accordingly and then measure the revenue impact.

Cardlytics counts many large enterprises among its clients. According to the company’s website, the list includes three of the four largest wireless carriers in the U.S. and nearly half of the top retailers. That’s in addition to the approximately 1,500 banks with which Cardlytics maintains a relationship.

The insiders who leaked word of the company’s IPO plans indicated that it will likely go public next year. Cardlytics declined to comment on the report.

Image: Unsplash