This past week was a slow one for actual IPOs, but five companies filed documents registering to go public. Bazaarvoice filed its S-1 Friday, the latest venture-backed company to do so this week, joining Brightcove, Genomatica, Jive Software, and Angie’s List.
Four of the five are Internet companies. None of the five had net income to show. Investors may brush that concern aside for some companies if they are growing fast enough and have a story to tell. That small public companies are investing in growth is a standard explanation. But for how long?
Austin, Texas-based Bazaarvoice, said its offering would be up to $ 86.25 million. As is standard in a first filing, it didn’t provide the number or pricing of shares expected. Shareholders include Austin Ventures with 34.1%, Battery Ventures 18.6%, CEO Brett Hurt (14.3%) and Eastern Advisors (10.6%), First Round Capital (less than 5%). Founded in 2005, Bazaarvoice provides customer reviews tools for businesses and tools to capture and analyze word of mouth about a brand or product.
In its fiscal year ending in April, Bazaarvoice generated $ 64.5 million in revenue, up from $ 38.6 million in the same 2010 period and $ 22.5 million in 2009. Like many of the Internet companies filing this week, Bazaar is not turning a profit yet. Its net loss attributable to common shareholders in the year ending in April was $ 20.1 million, up from $ 8.0 million in 2010 and $ 5.1 million in 2009.
In this social commerce space, there are competitors like Revieworld and start-up PowerReviews. In terms of customers, which typically subscribe for one year at a time, Bazaarvoice has 587 including Microsoft, Procter & Gamble, and Orbitz. Its largest 100 customers made up 57.3% of revenue during its last fiscal year. The company has 626 employees, 494 of which are full-time, up from 70 in April 2007.
Also filing this week:
Angie’s List, a dot-com survivor founded in 1995 that provides subscription-based user-written reviews of consumer service companies, filed for a $ 75 million IPO. In the six months ending June 30, Angie’s List posted revenue of $ 38.6 million, up from $ 27.5 million in the year-ago period. It posted a net loss of $ 25.8 million over the last six months, up from $ 11 million in the year-ago period. In 2010, the company generated $ 59.0 million in revenue and had a net loss of $ 27.2 million
Angie’s List provides reviews for home, health care, automotive and other services. As of June the company had 820,000 members. The company’s investors include TRI Investments, with 23.1%; Battery Ventures, 18.2%; BV Capital, 11.6%; and T. Rowe Price, 9.8%.
Jive Software , an enterprise collaboration company, plans to raise up to $ 100 million in its offering. (See my story here.) Jive generated revenue of $ 46.3 million in 2010, up from $ 30.0 million in 2009 and $ 16.9 million in 2008. For the six months ending June 30, 2011, revenues were $ 34.0 million, up 77.1% from $ 19.2 million in the year ago period. The company reported a net loss of $ 27.6 million in 2010, compared to $ 4.8 million in 2009 and $ 11.3 million in 2008. In the first six months of 2011 Jive reported a net loss of $ 30.6 million, up from $ 13.3 million in the year-ago period
Brightcove, an online video publishing and distribution company, plans to offer up to $ 50 million in its offering. The company posted $ 27.0 million in revenue in its first six months of 2011, up from $ 18.8 million in the year-ago period. In the six months ending Jun 30, it posted a net loss attributable to common shareholders of $ 12.7 million, compared to a net loss of $ 11.0 million in the year ago period. Founded in 2004, the company had 3,295 customers as of June 30, up from 1,702 a year ago. Major shareholders include General Catalyst Partners with 26.6% and Accel Partners with 24.5%.
Genomatica, which produces chemicals from renewable feedstocks, plans to offer up to $ 100 million in stock. Genomatica has partnership or joint development agreements with a number of companies including Waste Management, Mitsubishi Chemical and Novamont. Genomatica doesn’t have any revenue from commercial sales. It posted a net loss of $ 9.1 million in the first six months of 2011, compared to $ 6.4 million in the year-ago period. The company’s first commercial process will create 1,4-Butanediol or BDO from feedstock. BDO is a chemical used to make spandex, running shoes, electronics and car parts. Genomatica uses E.coli bacteria as part of the process to turn sugar into BDO.
Tagged with: list