InterTrust Technologies Corp. –

SUNNYVALE, Calif. – InterTrust Technologies Corp., a company providing digital rights management platforms, went public October 27 offering 6.5 million shares at $18 apiece, above its $15 to $17 filing range.

Credit Suisse First Boston, J.P. Morgan & Co., Salomon Smith Barney and SoundView Technology Group underwrote the offering, which left 37.8 million shares outstanding.

Reuters Group PLC, Kistler Associates, Ecomm Ventures and SLF Partners were venture backers. There were no selling shareholders.

InterTrust Technologies’ digital rights management (DRM) platforms protect and manage the rights of companies providing information in digital form, whether it is music, videos, software, images or business information. The DRM platform offers increased security, efficient transaction processing and personalized marketing. InterTrust customers include the music arm of Universal Studios, Diamond Multimedia and Harris Corp.

The $77.4 million in proceeds expected from the offering will be used for general corporate purposes, including working capital, and the possible acquisition of complementary businesses, products and technologies.

InterTrust has never been profitable, losing $11.7 million in 1997 and $19.7 million in 1998.

No venture backers joined the company’s board of directors.


InterTrust Technologies – Selected Financial

(in thousands, except per share data)

Years Ended December 31, Six Months Ended June 30

1994 1995 1996 1997 1998 1998 1999

Total revenues 850 25 1,100 152 50 486

Net loss -1,588 -3,583 -7,960 -11,709 -19,662 -9,378 -11,411

Net loss per share -0.16 -0.35 -0.67 -0.86 -1.41 -0.68 -0.75