ExactTarget files plans for $100 mln IPO
ExactTarget Inc. filed plans to raise up to $100 million through an initial public offering as the email marketing company looks to raise funds for general corporate purposes.
ExactTarget provides marketing applications that are built on a cloud-based platform and help organizations communicate with customers through email, mobile phones, social media and websites. The company operates through annual and multi-year subscriptions.
The company’s loss in 2010 widened to $12.1 million from $2 million a year earlier before the payment of preferred dividends, as operating expenses rose 61%. Revenue grew 41%.
ExactTarget said it plans to use the proceeds of the offering for general corporate purposes, such as expanding its sales and marketing teams, international operations, product development and working capital. The company said it may use cash or shares of its common stock to make acquisitions or invest in other businesses, products or technologies.
The company said it hasn’t yet determined the number of shares to be offered or the price range for the offering. The company didn’t indicate which exchange it plans to apply to list its share on or its symbol.