IPO Preview : With no other deals scheduled to price, all eyes will be on Vitria Technology (VITR) when the company brings its IPO to market tomorrow (i.e. Friday - DB). Vitria , a Sunnyvale, CA -based provider of eBusiness infrastructure software, is planning to sell 3 million shares at $10 to $12 apiece. CS First Boston is running lead on the deal... The company's software enables incompatible information technology systems to exchange information over corporate networks and the Internet. Vitria's flagship product, BusinessWare, which accounts for about two-thirds of revenues, has been licensed by more than 30 companies, including Level 3, CableVision, FedEx and SBC Communications. In the first six months of 1999, revenues from Sprint and Qwest accounted for 16% and 10% of the company's top-line. During the same period, Vitria posted total revenues of $11.5 mln, up sharply from the $1.7 mln logged in the yr-ago six months. Net loss widened from $4.3 mln to $6 mln.... Assuming an $11 pricing, VITR would sport a market-cap of roughly $330 mln and a trailing Price/Sales ratio of 19... Potential secondary plays include Active Software (ASWX), New Era of Networks (NEON) and Tibco Software (TIBX). - DS
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