Evolve Software doubles in debut
Evolve Software (Nasdaq: EVLV), which provides Web-based management for professional services firms, shot up 9, or 100 percent, to 18 in its initial public offering Thursday.
For the year ended June 30, net loss was $69.37 million on revenue of $10.54 million compared to a loss of $11.47 million on revenue of $517,000 in 1998.
The company competes with other providers of automation solutions for professional services organizations such as Changepoint and Niku (Nasdaq: NIKU).
Underwriters for the deal are CS First Boston and Deutsche Banc Alex Brown.
The maker of broadband access communications equipment and voice/data services priced at the bottom of its $12 to $14 range after cutting the number of shares from 5 million.
For the year ended December 31, the company had net loss was $17.08 million on revenue of $12.7 million, compared to a loss of $7.99 million in revenue of $4.39 million in 1998.
Vina relies on its most significant OEM customer, Lucent Technologies (NYSE: LU) and a handful of other companies for most of its revenue; sales to Lucent, Gabriel Communications and PairGain Technologies (Nasdaq: PRGN) accounted for 37 percent, 17 percent and 12 percent of revenue for the 6 months ended June 30.
The company faces competition from Accelerated Networks (Nasdaq: ACCL), ADTRAN (Nasdaq: ADTN), Cisco Systems (Nasdaq: CSCO), Lucent and Nortel Networks (NYSE: NT).
Lead underwriter for the deal is Lehman Brothers; co-managers are Thomas Weisel USB Piper Jaffray.
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