The recent strength of the market has invigorated the waves of offerings. Just last week we had seen some 16 secondary offerings just by mid-week, but now we are seeing many initial public offerings coming up. We keep tabs on the filings of companies for initial public offerings and there are many pending deals in the hopper in technology, internet, software, and new media that are expected to come to market this year.
In these groups so far in 2010 we have BroadSoft, Convio, DynaVox, Everydat Health, Eyeblaster, Force10 Networks, Gamefly, GlassHouse Technologies, IronPlanet, MagnaChip, Motricity, NEXX Systems, SciQuest, Telx, Vringo, and Wave2Wave Communications.
We have made a brief outline on the status of each where applicable, some background on the companies, underwriters, the proposed size, proposed stock tickers, and added in any relevant data we saw fit.
BroadSoft, Inc. (BSFT) was a mid-March filing for up to $103.5 million in its IPO. The company designs software that fixed-line, mobile, and cable service providers use to provide voice and data services over IP-based networks for video calls, hosted multimedia communications, and collaboration tools. Due to this being a recent filing, little more has been out of the company.
Convio, Inc. (CNVO) is in the field of customer relationship management software, but it also has aspects in sales and marketing software. Its end of January filing is still in the pending category and the filing was for up to $57.5 million. A recent amended filing showed lead underwriters as Thomas Weisel Partners LLC and Piper Jaffray; co-managers are William Blair, JMP Securities, and Pacific Crest.
DynaVox Inc. (DVOX) is still pending in its “up to $125 million” sized deal. This company is a communications software company, but here is its own description: “We develop and market industry-leading software, devices and content to assist people in overcoming their speech, language or learning disabilities. Our proprietary software is the result of decades of research and development and our trademark- and copyright-protected symbol sets are more widely used than any other in our industry.” This was either the first or one of the first filings for an IPO in 2010. A recent amended filing shows Piper Jaffray, Jefferies & Co., William Blair & Co., and Wells Fargo Securities as underwriters.
Everyday Health, Inc. (EVDY) was a mid-January 2010 filing that is a health play, but all online… online health information. “We’re here to help you manage your own and your family’s conditions and overall well-being through personalized advice, tools, and communities.” Its filing is for up to $100 million in an IPO. Goldman Sachs and J.P. Morgan
Eyeblaster, Inc. was filed in mid-March and is into digital advertising to ad serving and global campaign management with its MediaMind product. The mid-March filing means that very little has been announced about the company since the filing of up to $100 million. We are still awaiting a proposed ticker. Underwriters are listed as J.P. Morgan and Deutsche Bank as joint book-runners; co-lead as Pacific Crest, and FBR Capital Markets, ThinkEquity, and Broadpoint Gleacher as co-managers. If you will recall, this one tried before and had to cancel because of market conditions.
Force10 Networks, Inc. (FTEN) is a company which you will want to know more about if you are tired of bogged-down networks when you are trying to use your smartphone. This company filed in early March for an IPO of up to $143 million and is still deemed a ways out before price indications. Force10 is not Navarrone, but it provides wireless backhaul equipment, Ethernet routing and switching systems, metro and access equipment to bothe enterprise data center clients and communication network operators. These are both wireless and wireline carrier clients. As far as news stories, there have been many since its filing and that would lead us to believe more interest is here. The WSJ said its backers may be impatient but it merged with Turin Networks Inc. last year. This has a very large underwriting group: J.P. Morgan, Deutsche Bank, Barclays Capital, Baird, Cowen & Co., RBC Capital Markets, and Pacific Crest Securities.
GameFly, Inc. (GFLY) is a mid-February filing that is still in the pending sector. As it is into online video game rentals, almost a Netflix for video games, as well as a seller of games, this “up to $50 million” IPO may be fighting the troubles of the video game sector. Now that GameStop is seeming to be further out of trouble this could be coming sooner rather than later. Full Filing Summary here.
GlassHouse Technologies, Inc. (GLAS) is into IT services and its late-January filing is for up to $75 million. Goldman Sachs and Credit Suisse are the joint book-runners of the deal. Co-managers are Thomas Weisel, William Blair and Oppenheimer. This is a global provider of data center consulting, technology integration and managed services.
IronPlanet, Inc. (IRON) was an IPO filing in the last ten days or so for up to $92 million. The company is thought of as a building and construction company, but it sells used construction equipment via online auctions. eBay meets bulldozers. Lead underwriters are J.P. Morgan and Deutsche Bank Securities; co-managers are Cowen & Co., Piper Jaffray, and Needham & Co.
MagnaChip Semiconductor Corporation (MX) is a mid-March filing of up to $250 million. What is interesting about this Korean company which makes semiconductors for consumer products like mobile phones and televisions is a recent bankruptcy or restructuring company. Underwriters are listed as Goldman Sachs, Barclays Capital, Deutsche Bank Securities, Citigroup, and UBS Investment Bank. Full details of filing here.
Motricity, Inc. (MOTR) is still in the pending file for an IPO of up to $250 million. This wireless software provider offers hosted software and services applications used by wireless carriers to offer mobile Web portals, online stores, messaging applications, and other payment and billing support systems. Goldman Sachs and J.P. Morgan are the co-lead managers. Intel Corp. (NASDAQ: INTC) via Intel Capital and Qualcomm Inc. (NASDAQ: QCOM) via Qualcomm Ventures are VC-backers, and Carl Icahn was listed as a backing owner as well.
NEXX Systems, Inc. is into semiconductor equipment and materials, and its $42 million IPO filing in February has been a quiet one. Its equipment uses flip-chip technology that assembles chips vertically rather than horizontally. The underwriters for the offering are Canaccord Adams Inc. and CIBC World Markets Corp.
SciQuest, Inc. (SQI) is the most recent of the March IPO filings and it was for up to $75 million. Its revenue comes from sales of subscriptions and related services to education, life-sciences and health care companies, as well as some governmental clients. SciQuest was acquired and taken private by Trinity Ventures in 2004.
The Telx Group, Inc. (TELX) filed to sell up to $100 million in its IPO in mid-March. This company operates 15 colocation facilities in North America (which may now be larger than at the filing date) and it offers a constant power supply and off-site data storage. The filing shows a large underwriting group: Goldman Sachs, Deutsche Bank, RBC Capital, Oppenheimer & Co., Piper Jaffray, and SunTrust Robinson Humphrey.
Vringo, Inc. (VRNG) was a late-January filing. Its video ringtone application and web platform are said by the company to “transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience.” It will sell 2.4 million units and have warrants attached to the units.
Wave2Wave Communications Inc. was one that we have heard very little about. The managed network services provider was almost a $100 million, or up to $100 million, filed in February and we have not heard a peep aboput this one in weeks. The company builds and manages wired and wireless broadband systems for businesses to enable data, telephone, and email services. Rodman & Renshaw is the sole underwriter listed in teh first filing.
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JON C. OGG