ExactTarget files for $100M IPO

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ExactTarget Inc., the Indianapolis-based e-mail marketing company, is again seeking to tap the public market after canceling plans for an initial public offering during the 2009 financial crisis.

The company aims to raise $100 million in an IPO, according to a filing Wednesday with the U.S. Securities and Exchange Commission.

ExactTarget announced its plans for the offering after 16 companies, including locally based Angie’s List Inc. and Chicago-based Groupon Inc., completed IPOs this month, the most since the same number was completed in all of July, according to data compiled by Bloomberg.

ExactTarget offers so-called software-as-a-service tools that businesses can use for marketing via e-mail, websites and social media. Revenue increased 55 percent, to $148 million, in the nine months through September from a year earlier, while its net loss widened to $29.3 million from $6 million, the filing showed.

In May 2009, Indianapolis-based ExactTarget withdrew its previous IPO filing, opting to raise $70 million in private capital from investors including Battery Ventures and Scale Venture Partners.

JPMorgan Chase & Co., Deutsche Bank AG and Stifel Financial Corp. are leading ExactTarget’s offering.

ExactTarget has been investing with abandon to innovate, build market share and expand overseas. In the past 24 months, ExactTarget has bought three companies, launched an international division with operations in the United Kingdom and Australia, and added more than 500 employees. Its work force now tops 1,100, including more than 600 in Indianapolis.

One of ExactTarget’s major competitors, San Bruno, Calif.-based Responsys Inc., staged its own IPO in April.

Both companies are pushing beyond e-mail marketing to allow customers to build relationships with customers via mobile marketing, social media and landing-page marketing.

According to Massachusetts-based Forrester Research, U.S. spending on e-mail, mobile and social media marketing is projected to grow from $4.8 billion this year to $15.7 billion by 2016.

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