New York, N.Y.
Went public 4/7/2000 at $10 apiece
Filing Range:7.7 mil. shares @ $9 to $11
Shares Outstanding:49.97 mil. shares
Bear Stearns/J.P. Morgan/E*Offering
(Data in $ millions)
Total Revenue $0 $2.02
Net Loss -1.04 -50.27
Founded in August 1998, Opus360 provides Internet-based services for putting people and projects together across the labor supply chain. The company’s B2B electronic commerce services are designed to streamline the procurement and management of professional resources. Opus360 has developed an exchange enabling corporations, professional services firms, staffing companies and other buyers requiring individuals with specific professional skills to identify and procure free agents, such as independent professionals, consultants and other persons with technology, creative, strategic consulting and other expertise. As of Feb. 29, 2000, over 76,800 free agents were registered with the company’s FREEAGENT.COM service and there were project assignments available from over 900 organizations. According to the Gartner Group, by 2004, 60% of enterprises will use externally sourced workers to fulfill more than 50% of their information technology-related needs. Opus360 introduced FREEAGENT.COM on July 4, 1999 and OPUS XCHANGE on Sept. 6, 1999, and expect to commercially release OPUSRM and its enhanced version of OPUS XCHANGE during the first half of 2000. In January 2000, the company began charging fees to organizations that list projects on OPUS XCHANGE and, during the first quarter of 2000, will begin charging organizations project placement fees.
Net proceeds of $63.8 million from the public offering and $14 million from the concurrent private offering with Dell will be used for capital expenditures, sales and marketing, and technology development.
Safeguard Scientics sold 700,000 shares to stockholders of Safeguard.
Crosspoint Venture Partners, Safeguard Scientifics Inc., Wheatley Partners LLC, Pennsylvania Early Stage Partners GP LLC, Brockwood LP, Woodland Services Corp., G&R Partnership LP