BERKELEY, Calif. – Ask Jeeves Inc., a provider of Internet search services, went public June 30. The company offered 3 million shares of common stock at $14 apiece, surpassing its estimated $12 to $13 price range.
Underwriters included Morgan Stanley Dean Witter, BancBoston Robertson Stephens and Hambrecht & Quist. Proceeds from the estimated $42 million issue will be used for advertising and marketing efforts, as well as for other general corporate purposes. An estimated 24.35 million in common shares remain outstanding.
CPQ Holdings Inc., a subsidiary of Compaq Computer, Highland Capital Partners Inc., Institutional Venture Partners and Roda Group Investment Fund I were venture backers. There were no selling shareholders.
Ask Jeeves, incorporated in California in June 1996, provides Web users with a more productive search experience. The company’s technology makes searching the Internet easier and more intuitive by allowing users to submit queries in simple English terms.
Skip Battle, chairman of the Roda Group advisory board, became an Ask Jeeves board member in August 1998. Benjamin Rosen, an executive with Compaq, joined the board in January. Daniel Nova, a general partner of Highland Capital, and Geoffrey Yang, a general partner of Institutional Venture Partners, joined the company’s board in February.
Ask Jeeves – Selected Financial
(in thousands, except per share data)
June 13, 1996 (inception) Three Months Ended
through December 31, Year Ended December 31, March 31,
1996 1997 1998 1998* 1999*
Total revenue 593 15 1,131
Net loss -108 -448 -4,262 -335 -4,869
Net loss per share -0.48 -0.29