SCOTTSDALE, Ariz. – SalesLogix Corp., a company that markets sales management software for businesses, held an initial public offering May 27. The company offered 3.3 million shares at $9 apiece, at the bottom of its $9 to $11 filing range.
Underwriters included Hambrecht & Quist, BancBoston Robertson Stephens, U.S. Bancorp Piper Jaffray and Charles Schwab & Co. The offering left 17.9 million shares outstanding.
Sierra Ventures, Canaan Partners, Innocal L.P., Brinson Partners, Sigma Partners, and Newtek Ventures were venture investors. There were no selling shareholders.
SalesLogix Corp., incorporated in 1996, provides software to mid-market businesses that enables sales departments to track customer service problems and buying habits. The software also supports business-to-customer interaction through phone, e-mail or letter. As of March, the company had acquired a deficit of $18.5 million.
Proceeds from the offering, worth an estimated $29.9 million, will be used to repay debt and for general corporate purposes.
Deepak Karma, principal of Canaan, and Harry Lambert, general partner of Innocal, joined the company’s board of directors in January 1996, followed in October of the same year by Anthony Morris, principal of Morris & Associates. In March, David Schwab, general partner of Sierra, became a director.
SalesLogix – Selected Financial
(in thousands, except per share data )
Year Ended December 31, Three Months Ended March 31,
1996 1997 1998 1998 1999
Total revenue 4,779 15,643 3,162 6,302
Net loss -3,543 -5,306 -6,769 -994 -1,128
Net loss per share* -0.54 -0.08