BELLEVUE, Wash. – Onyx Software Corp., a provider of enterprise relationship management software solutions, went public February 11, offering 3.1 million shares at $13 apiece. The stock priced above the company’s $9 to $11 filing range.
Credit Suisse First Boston, SG Cowen and Piper Jaffray Inc. underwrote the initial public offering, which will leave 16.5 million shares outstanding.
Foundation Capital Management and Technology Crossover Management II were venture investors. There were no selling shareholders.
Onyx’s software allows enterprises to more effectively acquire, manage and retain customers, partners and other relationships by creating a single repository of marketing, sales and service information based on the Microsoft Windows NT and Microsoft BackOffice platforms. The data model can be accessed from a variety of sources, such as the Internet, corporate intranets and extranets.
Proceeds from the offering, expected to be about $36.7 million, will be used for increased domestic and international sales and marketing, research and development and other general corporate purposes.
Onyx, founded in 1994, was profitable in 1995 and 1996, before losing $2.5 million and $7 million in 1997 and 1998, respectively.
Foundation Capital’s William Elmore and Paul Koontz joined the company’s board of directors in March 1996 and October 1997, followed by Technology Crossover’s Jay Hoag in October 1998.
Onyx Software – Selected Financial
(in thousands, except per share data)
February 23, 1994 (inception)
Year Ended December 31,
to December 31, 1994 1995 1996 1997 1998
Total revenue 166 2,198 9,645 19,437 35,110
Net income (loss) -15 523 1,394 -2,544 -6,979
Net income (loss) per share* -0.59