Wednesday March 29, 11:04 am Eastern Time
Business software firm Xacct files IPO
WASHINGTON, March 29 (Reuters) - Xacct Technologies Ltd., whose business infrastructure software helps telecommunications carriers and other network service providers leverage the growth of Internet services and data traffic to increase revenues, filed for an initial public offering.
Xacct, is hoping to raise $75 million from the IPO, which is being underwritten by Credit Suisse First Boston, Chase H&Q and U.S. Bancorp Piper Jaffray, according to a Securities and Exchange Commission filing on Tuesday.
The preliminary document did not say how many shares are being sold to the public, their price range and other details, which are all expected to be revealed in future filings.
The Santa Clara, Calif.-based Xacct, whose customers included Harvard University, MCI WorldCom Inc. (NasdaqNM:WCOM - news) and Siemens AG , has applied for a Nasdaq listing under the symbol ``XCCT,' and it plans to use the net proceeds to expand sales, marketing and distribution activities.
It also intends to use the money to increase research and development, for working capital and other general corporate purposes.
Xacct said that as the volume of global Internet traffic has grown and demand for Internet services has increased, network service providers have found that their inability to transform the raw data carried over their networks into meaningful business information has limited their chances to generate revenue.
The Yankee Group estimates that the market for Internet business infrastructure will grow to $7.7 billion in 2004 from $207 million in 1999, said Xacct, which claims that its software collects a high volume of network usage data from several sources and all layers of the network. |
