The company has 12,419,018 shares outstanding-all 4.5 million shares to be offered are for the company (ie, no selling shareholders. They "develop, market and support software that enables businesses to utilize existing host-centric software applications to conduct business over the Internet." By host-centric, they mean mainframe-based. They claim that 70% of corporate data is still on mainframes. They are B2B enablers-example they gave at the road show lunch was their roll-out of a Java-based front end which allows Porche NA dealers to access 8 different mainframe-based systems over the Internet.
124 employees, most in the US (based in Atlanta); 85% of revenues come from North America, 40% of revenues comes from OEM's, but are growing their direct sales force so this % will decline (because direct sales will increase more rapidly). 1st half revenues were $6.3 mill., up from $4 mill. in the first half of 1998. In my notes I wrote down 60% CAGR. Company was essentially break-even in Q2.
Deal is supposed to price Thursday night-FWIW the Lehman people say it is going well. |
