RESTON, Va. – CareerBuilder Inc., an online job recruitment and search service, went public May 11, offering 4.5 million at $13 apiece, the top of the company’s $12 to $13 filing range.
Underwriters included Credit Suisse First Boston, BancBoston Robertson Stephens, Hambrecht & Quist and Friedman Billings Ramsey.
New Enterprise Associates, 21st Century Internet Venture Partners, ADP Inc. and GE Capital Equity Investments Inc. are venture investors and were not among shareholders offering 100,000 shares.
CareerBuilder, founded in November 1995, is a Web site that allows customers to search its database for job opportunities posted by 654 employers. The company allows visitors to register for personal search agents and to seek advice from career industry experts. In May, CareerBuilder entered into a partnership agreement with Microsoft Corp.; in exchange for a Microsoft investment in CareerBuilder, the company will create job sites for Microsoft.
Proceeds from the offering, which left 22.7 million shares outstanding, will be used to repay debt and for general corporate purposes. The company has never paid cash dividends.
David Wetmore, managing director at Updata Capital Inc., joined the company’s board of directors in December 1995, followed by Neil Weintraut, general partner at 21st Century, in January 1997. Jarrett Collins, director of TTC Ventures, a subsidiary of Thomson Holdings, the parent of Venture Capital Journal, became a director in September 1997.
Careerbuilder – Selected Financial
(in thousands, except per share data )
November 1995 (Inception) Year Ended December 31, Three Months Ended March 31,
through December 31, 1995 1996 1997 1998 1998 1999
Total revenue 138 1,925 7,006 1,054 2,806
Net income (loss) -52 -2,416 -7,314 -11,987 -3,086 -4,448
Net loss per share -0.01 -0.48 -1.8 -2.92 -0.76 -1