BOSTON – Viant Corp., an Internet business consulting company, held an initial public offering June 17. The company offered 3 million shares at $16 apiece, the high end of the company’s $14 to $16 filing range.
Goldman, Sachs & Co., Credit Suisse First Boston and Wit Capital Corp. underwrote the IPO, which left 20.47 million shares outstanding.
There were no selling shareholders. Mohr, Davidow Ventures IV, Kleiner Perkins Caufield & Byers VIII, Trident Capital and Technology Crossover Ventures III are venture backers.
Viant offers strategic consulting, creative design and technology services to companies that do business over the Internet. The company helps its clients integrate Internet projects and investments with its broader corporate strategies and business practices. Viant also helps companies develop e-commerce strategies, extranets and intranets and new Internet business launches. Some clients include American Express Co., BankBoston Corp., Compaq Computer Corp., Deutsche Bank AG, Hewlett-Packard Co., Lucent Technologies and Polo/Ralph Lauren Corp.
The estimated $43.8 million in proceeds from the offering will be used for general corporate purposes.
Viant has never been profitable since its inception in April 1996, losing $6.5 million in 1998 and $4.1 million in 1997.
William Davidow, a general partner of Mohr, Davidow, was named chairman of company’s board of directors in July 1997. Venetia Kontogouris, president of Enterprise Associates, a limited partner of Trident Capital, joined the board in June 1996.
Viant Corp. – Selected Financial
(in thousands, except per share data)
(inception) Year Ended Three Months Ended
to December 31, 1996 December 31, 1997 January 1, 1998 March 31, 1998 April 2, 1999
Net revenue 642 8,808 20,043 4,093 7,883
Net loss -1,659 -4,080 -6,487 -680 -2,041
Net loss per share -0.42 -1.18 -1.76 -0.19 -0.53