| An SI Board Since January 2000 |
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WBSN |
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Websense, monitor of Web use at work, files for IPO
WASHINGTON, Jan 28 (Reuters) - Websense Inc., provider of systems which allow businesses to monitor how employees use the Internet at work, filed Friday for an initial public offering of common stock.
San Diego-based Websense Inc. gave no firm estimate of the amount it intended to raise or the likely offering price of its shares. It said it had applied to list its stock with the Nasdaq market under the symbol (NasdaqSC:WBSN - news).
In its initial filing with the Securities and Exchange Commission, it used a $60 million offering figure solely to calculate its registration fee.
``Employees' personal use of company Internet access during business hours can result in lost employee productivity, increased network bandwidth consumption and potential legal liability,' Websense said.
It said users of its products included American Express Co.(NYSE:AXP - news), BellSouth Corp. (NYSE:BLS - news), Coca-Cola Co (NYSE:KO - news) and Compaq Computer Corp.(NYSE:CPQ - news), among others.
Websense warned it had experienced net losses in each of the last 12 fiscal quarters, and accumulated a deficit of $16.4 million as of Dec. 31, 1999. ``We expect to continue to incur net losses for at least the next several quarters,' it said.
Underwriters listed were Chase H&Q, SG Cowen, and Wit Capital.
Websense said it planned to used the proceeds of the offering for working capital and general corporate purposes.
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