Private Business Inc. –

BRENTWOOD, Tenn. – Private Business Inc., a company that develops and markets software solutions to community banks, went public May 26. The company offered 4.35 million shares of stock at $8 apiece.

Underwriters included BT Alex. Brown, BancBoston Robertson Stephens and Lehman Brothers. The offering left 26.4 million shares outstanding.

Summit Partners L.L.C., TA Associates and Cendant Corp. were venture backers. There were no selling shareholders.

Private Business, incorporated in August 1998, provides software training and support for community banks that allow them to track small business customers’ ongoing billing and receivables. The software and services provide automated management of accounts and credit risks, as well as insurance for non-payment and fraud.

Proceeds from the offering, worth an estimated $34.8 million, will be used to repay debt.

Brian Conway, managing director of TA Associates, and Bruce Evans, general partner of Summit, joined the company’s board of directors in August 1998.


Private Bbusiness – Selected Financial

(in thousands, except per share data )

Year Ended December 31,

1994 1995 1996 1997 1998

Total revenue 12,726 23,722 33,988 43,660 50,805

Net (loss) 1,884 1,093 9,187 14,017 -2,046

Net loss per share 0.18 0.1 0.86 1.32 -0.2