DENVER – Cavion Technologies Inc., a secure Internet access and services provider for credit unions, went public October 29, offering 1.2 million shares at $6.50 apiece. The stock priced in the middle of its $6 to $7.50 filing range.
Neidiger, Tucker, Bruner Inc. underwrote the offering, which left 4.6 million shares outstanding.
Venture Funding Ltd., Boutine Capital L.L.C. and Zutano L.L.C. were venture backers. There were no selling shareholders.
Cavion develops and distributes secure information delivery solutions for on-line banking companies. Its software enables customers to look at accounts, transfer funds, and pay bills on-line in a highly secure environment.
The company expects the $6.3 million in proceeds from the IPO to be used for equipment and infrastructure purchases, sales and marketing, general working capital, the payment of debts and accounts payable, and for other general corporate purposes.
Cavion has never been profitable, losing $1.8 million in the six months ended June 30, 1999.
Andrew Telsey, the sole shareholder at Venture Funding, joined the company’s board of directors in January.
Cavion Technologies – Selected Financial
(in thousands, except per share data)
Six Months Ended June 30, 1999*
Total revenue 205,333
Net loss -1,800