Inc. –

SANTA BARBARA, Calif. – Inc., an outsourced Internet messaging software provider, went public June 24, offering 6 million shares at $15 apiece. The company’s stock priced above its $12 to $14 filing range.

Credit Suisse First Boston, Merrill Lynch & Co. and BancBoston Robertson Stephens underwrote the initial public offering, which left 40.67 million shares outstanding.

A group of individual shareholders, including several former officers of the company, unloaded 1 million shares. Cisco Systems Inc. and AT&T Ventures, the company’s venture backers, did not sell any shares in the offering. has developed a software platform that enables clients to deliver a variety of messaging services, including Web- and client-based e-mail, outsourced business messaging and Internet-based voicemail and fax messaging. The company also provides consulting and support services. targets traditional telecommunications carriers, Internet service providers and wholesalers, cable-based Internet access providers, local telephone carriers and portal Web sites.

The company, founded in 1994, has not been profitable since 1995, losing $7.4 million in 1998 and $11.5 million in 1997.

The estimated $75 million generated by the IPO will be used for general corporate purposes.

Donald Listwin, an executive vice president at Cisco Systems Inc., joined the company’s board of directors in July 1997, followed a year later by Neal Douglas, a general partner of AT&T Ventures. – Selected Financial

(in thousands, except per share data)

June 11, 1994 (inception) Year Ended December 31, Three Months Ended March 31,

to December 31, 1994 1995 1996 1997 1998 1998 1999

Total revenue 648 4,727 7,882 10,666 25,619 4,898 8,071

Net loss -58 1,970 -3,163 -11,469 -7,403 -2,704 -2,053

Net loss per share 0.00 0.10 -0.13 -0.44 -0.29 -0.10 -0.08