Bluestone Files to Raise $46 Million in Initial Stock Sale
By Judy Mathewson
Washington, July 2 (Bloomberg) -- Bluestone Software Inc. filed to raise as much as $46 million in an initial stock sale.
The Mount Laurel, New Jersey-based company bills itself as a leading provider of software that lets businesses make better use of the World Wide Web.
''We provide a comprehensive framework that enables businesses to deploy information across the Internet, intranets and extranets to employees, customers, suppliers and partners,"the company said in its IPO filing with the Securities and Exchange Commission. ''Our goal is to maintain and extend our position as leading provider of Web application server technology, enterprise application integration and Internet commerce solutions."
The company said its customers include AT&T Corp.; Deutsche Bank AG; Dreyfus Corp.; Eli Lilly & Co.; Hewlett-Packard Co. and the Houghton Mifflin Co.
Its backers include Patricof & Co. Ventures Inc. and Fostin Capital Partners, which each hold a 40 percent stake in the company before the IPO. General Electric Capital Corp. holds a 21 percent stake in the company before the IPO.
P. Kevin Kilroy, 45, president and chief executive, was previously senior vice president for worldwide distribution for Seer Technologies Inc., a software company that is now owned by Level 8 Systems Inc. Kilroy succeeded Bluestone founder Mel Baiada, who continues as chairman and holds a 21.4 percent stake in the company before the IPO.
The company warned that it has incurred significant net losses since 1996, including a loss of $3.8 million in 1997 and $11.6 million in 1998. As of March 31, the company said it had an accumulated deficit of approximately $21 million.
Bluestone reported revenue of $8.1 million for 1998, a 16 percent decrease from $9.7 million the year before.
The company didn't say the number or price of its common shares in the IPO. The $46 million estimated top value for the offering was provided only as a basis for calculating the SEC filing fee.
Bluestone hired Deutsche Banc Alex Brown to underwrite the stock sale with Soundview Technology Group; C.E. Unterberg, Town; and Legg Mason Wood Walker Inc. Bluestone plans to have the shares listed for trading on the Nasdaq Stock Market under the symbol BLSW, its filing said. (Courtsey:Bloomberg)
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