nFront Inc. –

NORCROSS, Ga. – nFront Inc., a provider of outsourced online banking solutions to small- to medium-size banks, held an initial public offering June 29. The company offered 3.9 million shares at $10 apiece, within its $9 to $11 filing range.

Hambrecht & Quist, J.C. Brad Co., Raymond James & Associates Inc. and SoundView Technology Inc. underwrote the IPO, which left 14.20 million shares outstanding.

Noro-Moseley Partners IV, the company’s sole venture backer, sold 100,631 of the 400,000 shares peddled by shareholders.

nFront’s Windows-based software lets small- to mid-size banks offer their retail and commercial customers banking and financial services on the Internet. The company handles all aspects of its clients’ Internet banking operations, including design, implementation and management of their “Internet branches.”

The estimated $35 million nFront earned from the IPO will be used to increase sales and marketing efforts, spur product development and bankroll potential acquisitions.

The company lost $522,996 in the fiscal year ended June 30, 1998, after making a $48,740 profit in its first fiscal year ended June 30, 1997.

Charles Moseley, a general partner of Noro-Moseley Partners, joined the company’s board of directors in May 1998.

nFront – Selected Financial

(in thousands, except per share data)

June 17, 1996 (inception) Year Ended Nine Months Ended March 31,

to June 30, 1997 30-Jun-98 1998 1999

Total revenue 851 1,082 834 2,835

Net income (loss) 49 -523 9 -1,808

Net income (loss) per share 0.01 -0.07 0 -0.24