SANTA CLARA, Calif. – Latitude Communications Inc., a provider of voice and data conferencing solutions, held an initial public offering May 6. The stock priced at $12, at the top of its $10 to $12 filing range. The company offered 3 million shares of common stock.
Venture investors include Mayfield Fund, Menlo Ventures, Asset Management Associates and Canaan Ventures.
Underwriters include Credit Suisse First Boston, Hambrecht & Quist and Dain Rauscher Wessels. The offering left 18.5 million shares outstanding.
Latitude, originally named Convene Communications Inc., changed its name in July 1993. The company develops, markets and supports its products, which allow customers to participate in real-time virtual meetings. Latitude products include the MeetingPlace conference server, MeetingPlace software and system integration options. Honeywell Inc., Oracle Corp., Cisco Systems Inc., America Online Inc. and Hewlett-Packard Co. are customers.
Latitude has never paid cash dividends on its common stock. Proceeds, worth $36 million, will be used for general corporate purposes.
Thomas Bredt, general partner and managing director of Menlo, joined the company’s board of directors in April 1993, followed by F. Gibson Myers Jr., a general partner of Mayfield, in June 1997.
Latitude Communications – Selected Financial
(in thousands, except per share data )
April 7, 1993 (Inception) Year Ended December31, Three Months Ended March 31,
to December 31, 1995 1996 1997 1998 1998 1999
Total revenue 1,625 6,046 12,932 21,051 4,361 6,428
Net income (loss) -8,547 -4,252 -2,229 703 70 288
Net income loss per share -2.02 -0.78 0.21 0.02 0.08