Went public 1/27/2000 at $20 apiece
Filing Range: 4 mil. shares @ $14 to $16
Shares Outstanding: 22.8 mil. shares
Underwriters: Deutsche Banc Alex. Brown
Bear Stearns/Chase H&Q
FINANCIALS (Data except per-share in $ thousands)
Total Revenue $112.7 $681.4
Net Loss -1103.2 -2488.9
Net Loss Per Share -8.25 -11.20
The Company: Extensity provides Internet-based software applications designed to improve the productivity of employees across an enterprise and to enhance operating efficiency. The company sells an integrated application suite that automates expense reporting, travel management, procurement and billable time management. Giga Information Group estimates that in 1998, businesses worldwide realized $17.6 billion in e-commerce driven cost savings and forecasts that by 2002 these savings will total $1.25 trillion annually. According to preliminary estimates by International Data Corporation, the worldwide market for workforce management applications will grow from $766 million in 1998 to $4.0 billion in 2003, and the Internet commerce procurement applications market will grow from $147 million in 1998 to $5.3 billion in 2003. Since the introduction of its first application in 1998, the company has licensed its products to 70 customers, the largest of which include AirTouch, AT Kearney, BEA Systems, Brigham Young University, Cendant Business Services, Cisco Systems, Clarify, Documentum, Gelco Information Network, Genesys Telecommunications, Home Box Office, Sara Lee and Sybase.
Proceeds: Repay outstanding indebtedness to Comdisco Ventures of approximately $2.0 million under a loan and security agreement and approximately $1.3 million under various capital leases. The remaining proceeds will be dedicated to working capital and general corporate purposes.
Venture Backers: Berkeley International Capital Corp., Hummer Winbald Venture Partners, Kleiner Perkins Caufield & Byers, Lehman Brothers Venture Capital Partners, Weiss, Peck & Greer Venture Partners LP
John Hummer, Hummer Winbald Venture Partners
Ted Schlein, Kleiner Perkins Caufield & Byers May 1997