SAN JOSE, Calif. – Agile Software Corp., a developer and marketer of product content management software, went public August 20, offering 3 million shares at $21 apiece. The company’s stock priced above its $18 to $20 filing range.
Underwritten by Morgan Stanley Dean Witter, Deutsche Banc Alex. Brown and Hambrecht & Quist, the initial public offering left 19.8 million shares of stock outstanding.
There were no selling shareholders. Venture backers included Mohr, Davidow Ventures, Sequoia Capital and Accel Partners.
Agile offers its customers a suite of software products to improve communication and collaboration between all members of the manufacturing and supply chain about products and components. The company’s products are designed to facilitate discussion among supply chain members without the need for any additional technology.
The company plans to use the expected $57.1 million generated in the IPO for general corporate purposes including working capital, capital expenditures and to repay about $3 million in debt. Agile also would consider using some of the proceeds to acquire or invest in complementary companies or products.
Agile has never been profitable, losing $8.9 million in 1998 and $11.4 million in 1999.
Nancy Schoendorf, a general partner of Mohr, Davidow, joined the company’s board of directors in 1995. Michael Moritz, a general partner of Sequoia followed in 1996.
Agile Software – Selected Financial
(in thousands, except per share data)
March 13, 1995 (inception) Fiscal Year Ended April 30
to April 30, 1996 1997 1998 1999
Total revenue 38 1,352 8,003 16,807
Net loss -1,327 -4,836 -8,942 -11,428
Net loss per share -1.94 -3.72 -4.2 -3.87