RESTON, Va. – Proxicom Inc., a provider of Internet solutions, held an initial public offering April 20. The company offered 4.5 million shares at $13 apiece, at the bottom of its $13 to $14 filing range.
BT Alex. Brown, Prudential Securities, Thomas Weisels Partners L.L.C. and Friedman Billing Ramsey, underwrote the offering, which left 23.9 million shares outstanding.
General Atlantic Partners, the sole venture investor, was not among the selling shareholders offering 500,000 shares.
Proxicom, founded in 1991, offers Internet solutions for large companies in the energy, telecommunications, financial services, retail and manufacturing industries. The company’s solutions include company Intranets systems, business-to-customer and business-to-business e-commerce Internet sites. Clients include GE Capital Corp., Mercedes-Benz Credit Corp, GAP Inc. and Marriott International Inc.
Proceeds from the IPO, worth $48.3 million, will be used for general corporate purposes.
David Hodgson, managing member of General Atlantic Partners, became a director in August 1996.
Proxicom – Selected Financial
(in thousands, except per share data )
Year Ended December 31,
1994 1995 1996 1997 1998
Revenue 1,258 6,089 12,431 27,356 42,405
Net income (loss) 96 876 1,084 2,693 -20,642
Net income (loss) per share 0.01 0.07 0.08 0.21 (1.50)