Lante today said it plans to raise up to $50 million in an
initial public offering and that it has formed a partnership with Dell
Computer, according to a prospectus filed with the Securities and Exchange
Pricing of the shares and the amount being offered in the consulting firm's
IPO were not disclosed.
The company also said it recently entered into
a strategic relationship with Dell, according to the filing with the SEC.
As part of the deal, Dell has agreed to purchase 2 million shares of
Lante's common stock. Dell has also agreed to provide Lante with at least
$40 million worth of business over five years.
In addition to stock options allotted for Lante chief executive officer
Rudy Puryear and other members of the executive management team, about 2.4
million shares are held by Dell and 600,000 shares are held by chief
executive Michel Dell individually, according to the filing. Prior to the
offering, Dell held an 8.94 percent stake in Lante.
Lante, which focuses mainly on business-to-business e-commerce projects,
competes in the lucrative Web services market against companies including
Sapient, Proxicom, Scient and a host of others, who each provide a wide
range of professional services, including Web site development, business
strategy, and integration work. Most of these start-ups, which have all
gone public in the past nine months, have enjoyed successful runs on Wall Street.
Lante said it intends to use money raised through its IPO for marketing,
recruiting, hiring, upgrading its information systems, and expanding into
Based in Chicago, Lante, which has more than 300 employees, has offices in
Seattle, San Francisco, New York, Los Angeles, Dallas, Boston and
Charlotte. Its clients include start-ups beautyjungle.com, Chempoint.com
Credit Suisse First Boston will act as lead underwriter for the offering,
the company said. Investment bankers Deutsche Banc Alex.Brown, Thomas
Weisel Partners and
Friedman Billings Ramsey will be comanagers.
Lante, which posted $21.3 million in revenues for the first nine months of
1999, will trade under the ticker symbol "LNTE."