XcelleNet plans secondary offering
The tools company plans to raise $11.1 million and let early investors unload shares through a secondary offering.
The remote access software utility developer plans to sell 655,953 shares at $17 a share and will use the proceeds for general corporate purposes, including business development activities, said Deborah Cox, spokeswoman.
The underwriters have the option to purchase up to 214,950 additional shares of common stock for the purpose of covering overallotments, if any. The offering was managed by Robertson, Stephens & Company, Alex. Brown, and Punk, Ziegel & Knoell.
Meanwhile, XcelleNet's shareholders plan to sell 777,047 shares for $13.2 million. Motorola holds more than 94 percent of the selling shares by investors, Cox said. The semiconductor giant has been an investor in the company since the early 1990s.
XcelleNet is launching its secondary offering as the company is in expansion mode. It recently completed two acqusitions.
Late last year, the company closed its $3 million cash acquisition of WorldLink. The company later determined, however, that the purchase of its competitor's technology was no longer needed and took a fourth-quarter charge.
XcelleNet also closed its $2.7 million cash and stock deal for Electronic Commerce. The purchase of the systems integrator was acquired to help Xcellenet expand its integration services group, Cox said.