FREEMONT, Calif. – Accrue Software Inc., a developer of Internet data collection and analysis software, went public July 30, offering 3.9 million shares. The stock priced at $10 apiece, the high end of the company’s $8 to $10 filing range.
BancBoston Robertson Stephens and Thomas Weisel Partners underwrote the initial public offering, which left 19.61 million shares outstanding.
There were no selling shareholders. Mohr, Davidow Ventures IV, Organic Online Inc., Sterling Payot Capital, Vertex Technology Fund Ltd. and Orchic Holdings were venture backers.
Accrue’s software allows Internet businesses to monitor the effectiveness of their Web sites. Accrue Insight, the company’s flagship product, can help users increase traffic, customer loyalty and sales by collecting, storing, analyzing and reporting Web site activity data with detail and accuracy.
The $35.6 million in proceeds will be used for general corporate purposes, such as product development and sales and marketing expenditures.
The company has not been profitable for the past several years, losing $6.6 million in this fiscal year ended March 31.
Jonathan Nelson, chairman and chief executive of Organic Online, has been a member of the company’s board of directors since its inception in February 1996. Robert Smelick, managing director of Sterling Payot, joined the board in May 1996, followed by Christopher O’Brien, a partner at Orchid Holdings, in October 1998.
Accrue Software – Selected Financial
(in thousands, except per share data)
Year Ended March 31,
1997 1998 1999
Revenue 182 1,120 2,952
Net loss -1,927 -3,921 -6,643
Net loss per share* -0.59