ServiceSource (SREV) IPO Prices at $10, Above Expected Range
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ServiceSource International (Nasdaq: SREV) priced its initial public offering of 11,940,133 shares at $10, which was above the expected $7.50-$9 range. Shares will open on the NASDAQ later today.
Morgan Stanley and Deutsche Bank are the lead underwriters.
ServiceSource is a leader in service revenue management, providing solutions that drive increased renewals of maintenance, support and subscription agreements for technology companies.
As of December 31, 2010 ServiceSource managed over 100 engagements across more than 55 customers, representing over $5 billion in service revenue opportunity under management.
Our total revenue was $100.3 million, $110.7 million and $152.9 million for the years ended December 31, 2008, 2009 and 2010 respectively. We had approximately 60, 80 and 100 engagements as of December 31, 2008, 2009 and 2010 respectively.
In 2010, Oracle acquired the company's then-largest customer, Sun Microsystems, and terminated its contract with Sun Microsystems effective as of September 30, 2010. Sun Microsystems accounted for $22.8 million, $26.3 million and $19.6 million, or 23%, 24% and 13%, of total revenue for the years ended December 31, 2008, 2009 and 2010, respectively.
There will be 65,506,343 shares shares outstanding following the offering, or 67,297,363 shares if the over-allotment option is exercised in full.
Morgan Stanley and Deutsche Bank are the lead underwriters.
ServiceSource is a leader in service revenue management, providing solutions that drive increased renewals of maintenance, support and subscription agreements for technology companies.
As of December 31, 2010 ServiceSource managed over 100 engagements across more than 55 customers, representing over $5 billion in service revenue opportunity under management.
Our total revenue was $100.3 million, $110.7 million and $152.9 million for the years ended December 31, 2008, 2009 and 2010 respectively. We had approximately 60, 80 and 100 engagements as of December 31, 2008, 2009 and 2010 respectively.
In 2010, Oracle acquired the company's then-largest customer, Sun Microsystems, and terminated its contract with Sun Microsystems effective as of September 30, 2010. Sun Microsystems accounted for $22.8 million, $26.3 million and $19.6 million, or 23%, 24% and 13%, of total revenue for the years ended December 31, 2008, 2009 and 2010, respectively.
There will be 65,506,343 shares shares outstanding following the offering, or 67,297,363 shares if the over-allotment option is exercised in full.
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