SAN MATEO, Calif – Viador Inc., a business software company, held an initial public offering October 26, offering 4 million shares at $9 apiece, at the bottom of its $9 to $11 filing range.
Bear, Stearns & Co. Inc., CIBC World Markets and U.S. Bancorp Piper Jaffray underwrote the offering, which left 15.9 million shares outstanding.
Information Technologies Ventures and Mitsui & Co., Ltd. were venture backers. There were no selling shareholders.
The company develops and markets Internet software that enables businesses to create enterprise information portals, which give users a quick and easy way to organize, search and access up-to-the-minute information from a variety of data sources. Viador’s software is specifically designed for the Web and works with a customer’s existing hardware and software systems, without the need for additional technology expenditures.
Viador expects the $32.5 million in proceeds generated from the IPO to be used to increase equity capital and for research and development, as well as for general corporate purposes, including the acquisition of, or investment in, complementary businesses, or the right to use complementary technologies.
Viador has not been profitable since 1995, when it earned $36,000. The company lost $154,000 in 1996, $3.3 million in 1997 and $6.2 million in 1998.
Virginia Turezyn, a partner at Information Technologies, joined the company’s board of directors in September 1998.
Viador – Selected Financial
(in thousands, except per share data)
Years Ended December 31, Six Months Ended June 30,
1995 1996 1997 1998 1998* 1999*
Total revenue 80 997 1,582 3,825 1,754 3,290
Net income (loss) 36 -154 -3,348 -6,211 -2,269 -5,261
Net income (loss) per share 0.02 -0.08 -1.34 -1.82 -0.71 -1.28