Last last month the company estimated it will sell 11.7 million shares in a price range of $8 to $10. Lead underwriters on the deal are Morgan Stanley and Goldman Sachs with Citigroup, UBS, BMO Capital Markets and Well Fargo also participating. At $10 a share, Jive would be valued at $573 million.
The company’s executives have been on a road show in recent weeks. You can see CEO Tony Zingale give a 32-minute talk complete with slides on the company on the Web site Retail Roadshow.
The IPO will mark a nice exit for venture capital investors Sequoia Capital and Kleiner Perkins who have backed Jive to the tune of $57 million in three rounds, the largest of which came in August of 2010.
The deal also takes place against the backdrop of a sudden surge in interest in enterprise software companies, particularly those than run in the cloud. SAP just snapped up the cloud-based HR software player SuccessFactors for $3.4 billion earlier this month, while in October Oracle acquired RightNow for $1.4 billion.
Along with Taleo, Jive will quickly become part of the conversation concerning cloud-based acquisition targets.
While initially Jive’s software was delivered as an on-premise, behind-the-firewall product, it has in recent months been boosting its cloud-based business. In its original S1 filing, it said that as of the six months ended in June, it derived 59 percent of its sales from cloud-based software. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment