SAN JOSE, Calif. – Calico Commerce Inc., a customized sales software company, went public October 7, offering 4 million shares at $14 apiece, the top of its $12 to $14 filing range.
Goldman, Sachs & Co., Hambrecht & Quist and Merril Lynch & Co. underwrote offering, which left 33 million shares outstanding.
Venture backers included Mayfield Fund, Kleiner Perkins Caufield & Byers and Integral Capital Partners. There were no selling shareholders.
The company’s software enables customers to purchase typically complex products such as computers or financial services on-line. Based on customer input, the software assesses product requirements and purchase constraints. Financial and computer companies such as Dell Corp. and Gateway Inc. are the most frequent users of Calico software.
The estimated $50.2 million in proceeds expected from the IPO mainly will be used for the expansion of sales, distribution and marketing activities, as well as for research and development. Part of the proceeds will be used for general corporate purposes and working capital, including capital expenditures.
Calico has never been profitable, losing $5.5 million in 1998 and $15.3 million in 1999.
Bernard Lacroute, a partner at Kleiner Perkins, and William Unger a general partner at Mayfield, joined Calico’s board of directors in June 1995.
Calico Commerce – Selected Financial
(in thousands, except per share data)
Year Ended March 31 Three Months Ended June 30,
1996 1997 1998 1999 1998 1999
Totel net revenue 2,270 5,903 11,859 21,413 4,653 7,433
Net loss -1,970 -6,900 -5,499 -15,261 -1,645 -4,723
Net loss per share -0.69 -2.12 -1.08 -2.27 -0.27 -0.59