Firstwave rises on Microsoft agreement

Little-known Firstwave Technologies, Inc. (Nasdaq: FSTW) made a big splash Monday, rocketing 272 percent, up to 6 15/16, after landing a contract with the Embedded Systems Group of Microsoft Corp. (Nasdaq: MSFT), which will use Firstwave's customer service software.

Shares in Atlanta, Ga.-based Firstwave have ranged from a 52-week low of 1/ 1/4 to a previous high of 4 7/8.

First Wave's Netgain Sales is a Web-based system that serves field sales, marketing and customer service on a platform that displays the same interface, whether on the Web or offline.

"To have a true technology leader such as Microsoft decide to install Netgain as a CRM solution for their Embedded Systems Group further establishes Firstwave's position at the forefront among the CRM market," said Richard Brock, President and CEO of Firstwave in a company statement.

Firstwave works with 200 companies in more than 20 countries. The company had revenue of $3.4 million in the first quarter 1999, ended March 31, and a net loss of $840,000, or 16 cents a share. First Call's consensus, from one broker covering the stock, expects the company to post a loss of 8 cents a share in the second quarter.