BELLEVUE, Wash. – BSQUARE Corp., an Internet-accessible appliance company, went public October 20, offering 4 million shares at $15 apiece. The stock priced above its $12 to $14 filing range.
There were 32.2 million shares outstanding after the offering, which was underwritten by Credit Suisse First Boston, Lehman Brothers, A.G. Edwards & Sons Inc. and Wit Capital Corp.
TA Associates Inc. and Encompass Group were venture backers. There were no selling shareholders.
The company provides a broad range of software products and services that facilitate the integration of the Microsoft Windows CE operating system into a variety of intelligent computing devices, or ICDs. The software enhances the functionality of these devices, which include palmtop computers, digital organizers, TV set-top boxes and hand-held data collectors.
The company expects the $54.8 million in proceeds from the IPO to be used for general corporate purposes, including capital equipment purchases.
BSQUARE has always been profitable, earning $3.8 million in 1997 and $2.3 million in 1998.
Jeffrey Chambers, a managing director at TA Associates, joined the company’s board of directors in February 1998, along with Scot Land, a managing director at Encompass Group.
BSquare – Selected Financial
(in thousands, except per share data)
July 15 (inception) Year Ended December 31, Six Months Ended June 30,
to December 31, 1994* 1995* 1996* 1997* 1998* 1998* 1999*
Total revenue 151 1,573 4,179 14,405 24,612 10,802 18,543
Net income 64 693 1,971 3,806 2,300 1,217 866
Net income per share 0.03 0.09 0.18 0.12 0.06 0.04