BOCA RATON, Fla. – Daleen Technologies Inc., a provider of billing and customer care software, went public October 1, offering 4.1 million shares at $12 apiece. The company’s stock priced at the high end of its $10 to $12 filing range.
Underwritten by BancBoston Robertson Stephens, Donaldson, Lufkin & Jenrette and Hambrecht & Quist, the initial public offering left 18.4 million shares of stock outstanding.
There were no selling shareholders. Venture backers included HarbourVest Partners, Science Applications International Corp., ABN AMRO Private Equity, JK&B Capital, St. Paul Venture Capital, ABS Ventures and Bell Canada.
Daleen, though its BillPlex software, enables clients to manage billing, payment and customer service together on a central Windows NT or UNIX system.
Daleen plans to use the expected $44.7 million generated from the IPO for working capital and for general corporate purposes, including product development, sales and marketing. The company also might use a portion of the proceeds to acquire complementary products, technologies and businesses.
Daleen has never generated a profit, losing $8 million in 1997 and $12.2 million in 1998.
Ofer Nemirovsky, a managing director at HarbourVest, joined the company’s board of directors in September 1997, followed by Daniel Foreman, a managing director at ABN, in June 1998. William Roper, Jr., senior vice president and chief financial officer at Science Applications, joined the board in July.
Daleen Technologies – Selected Financial
(in thousands, except per share data)
Year Ended December 31 Six Months Ended June 30
1996 1997 1998 1998 1999
Total revenue 2,550 156 5,231 1,462 7,115
Net loss -1,526 -7,984 -12,169 -6,053 -4,508
Net loss per share -0.81 -3.48 -3.78 -1.87 -1.41