With two profitable quarters under its belt, web site analytics provider WebSideStory is seeking up to $57.5 million through an initial public offering of its common stock, according to a registration statement filed with the Securities and Exchange Commission.
The company says it will use most of the net proceeds of the offering to expand its technology services and to possibly acquire or invest in competing or complementary businesses, services or technologies. WebSideStory earlier this year launched HBX, a hosted on-demand analytics service that is designed to help web site operators analyze site traffic to, for example, see the impact on sales conversion rates related to new page designs and site search features.
WebSideStory says in its SEC filing that it has been profitable for its last two quarters. For the first quarter ended March 31, it posted net income of $128,000, compared to a net loss of $1.05 million in the year-ago quarter. For the year ended Dec. 31, 2003, it had a net loss of $1.9 million, a 27% improvement over a prior-year net loss of $2.5 million.
The company said that Friedman, Billings, Ramsey & Co. Inc. and RBC Capital Markets will serve as joint book-runners and co-lead managers for the offering, and that William Blair & Company LL.C. and Roth Capital Partners LLC will serve as co-managers.
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