Inc. –

REDWOOD CITY, Inc., a software provider that delivers Internet-based services to wireless telephones, held an initial public offering June 10. The company offered 4 million shares at $16 apiece, above its $14 to $15 filing range.

Credit Suisse First Boston, BancBoston Robertson Stephens, Hambrecht & Quist and U.S. Bancorp Piper Jaffray underwrote the initial public offering, which left 30.51 million shares outstanding.

Venture backers include Greylock Equity L.P., Matrix Partners IV, JK&B Capital and Charles Ross Investment Partners. There were no selling shareholders. develops software that allows network operators to provide Internet-based services such as e-mail, news, stocks, weather, travel and sports to their wireless subscribers. The company’s software platform includes UP.Link Server suite, which is installed on network operators’ systems, and UP.Browser, which is embedded in wireless telephones. Customers include Hitachi, Motorola, Sony and Toshiba.

The company will earn about $58.4 million from the offering, which will be used to increase sales and marketing efforts and for research and development. has never been profitable, losing $10.6 million in 1998 and $8.0 million in 1997.

Roger Evans, a Greylock general partner, and Andrew Verhalen, a general partner of Matrix Partners, joined the company’s board of directors in September 1995. David Kronfeld, the managing member of JK&B Capital became a director in February 1998, followed by Reed Hundt, a principal of Charles Ross Partners and former chairman of the Federal Communications Commission, in April 1999. – Selected Financial

(in thousands, except per share data)

December 16, 1994

(inception) Year Ended June 30, Nine Months Ended March 31,

to June 30, 1995 1996 1997 1998 1998 1999

Total revenue – – 292 2,205 924 6,717

Net loss -103 -2,470 -7,991 -10,623 -7,730 -13,973

Net loss per share -0.02 -0.53 -1.67 -2.03 -1.50 -2.49