BREAKING: ExactTarget plans $86M IPO

December 17, 2007

ExactTarget Inc., one of Indiana's highest-profile software firms, says in a new regulatory filing that it plans to raise $86 million in an initial public offering.

The e-mail marketing firm is the second Indianapolis software company in recent months to file to go public. In September, Aprimo Inc., which helps companies manage marketing efforts, said it plans to raise $50 million in an IPO.

ExactTarget has grown quickly since its founding in late 2000, just after the technology bubble burst. Revenue increased from $11.5 million in 2001 to $31.1 million in 2006, according to the company's IPO filing, submitted late Friday to the Securities and Exchange Commission. Through the first nine months of 2007, revenue was $34.1 million.

The company turned profitable in 2006 and earned $2.1 million through the first nine months of this year, the filing shows. The company's work force has doubled since the start of 2005 and now totals 268.

ExactTarget's software helps clients create, target and deliver permission-based e-mails. It has more than 2,800 customers - none accounting for more than 3 percent of revenue.

The company has not disclosed details of the offering, such as how many shares it plans to sell. ExactTarget's largest shareholders are New York-based Venture Partners and Maryland-based Montagu Newhall Partners, which together own nearly half the company.

Thomas Weisel Partners LLC and William Blair & Co will serve as lead underwriters for the IPO. ExactTarget plans to list its shares on NASDAQ under the symbol EXTG.

Source: XMLFULL/XMLFull8880.xml

Recent Articles by Greg Andrews

Comments powered by Disqus