| FlexiInternational Software, Inc. | |||
| Ticker: | FLXI | Two Enterprise Drive | |
| Exchange: | NASDAQ-National Market | Shelton, CT 06484 | |
| Industry: | High-Tech (SIC Code 7372) | (203) 925-3040 | |
| # of Employees: | 138 | ||
| Type of Shares: | Common Shares | Filing Date: | 10/21/97 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 12/11/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 2,250,000 | Offer Price: | $11.00 | |
| Secondary Shares: | 750,000 | Gross Spread: | $0.77 | |
| Offering Amount: | $33,000,000 | Selling: | $0.44 | |
| Expenses: | $750,000 | Reallowance: | $0.10 | |
| Shares Out After: | 16,274,764 |
| Manager | Tier | Phone |
| BT Alex Brown | Lead Manager | (410) 727-1700 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Wessels, Arnold & Henderson | Co-manager | (612) 373-6105 |
| Issuer's Law Firm: | Hale and Dorr |
| Bank's Law Firm: | Goodwin Procter & Hoar |
| Auditor: | Price Waterhouse |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 9/30/97 | 9/30/96 | 9/30/97 | ||
| Revenue: | $8.35 | $12.46 | $5.14 | Assets: | $10.23 |
| Net Income: | -$7.45 | -$4.64 | -$5.96 | Curr Assets: | $8.95 |
| EPS: | -$0.69 | -$0.33 | Liabilities: | $22.96 | |
| Prior EPS: | -$5.47 | -$5.08 | Curr Liabilities: | $7.28 | |
| Cash Flow/Oper: | -$6.22 | $6.03 | $6.80 | Equity: | -$12.73 |
| Cash Flow/Fin: | $9.90 | -$0.57 | -$0.27 | Cash: | $3.26 |
| Cash Flow/Inv: | -$0.42 | -$0.57 | Working Cap: | $1.67 | |
| Business Description |
| The company designs, develops, markets and supports the Flexi family of financial and accounting software applications and related tools. The Flexi solution -- FlexiFinancials, FlexiInfoSuite and FlexiTools -- is designed to address the needs of users with sophisticated financial accounting requirements. The Company believes that the solution's distributed, object-oriented, component-based architecture provides significant advantages over traditional financial accounting software, including greater transaction throughput and scalability, ease of implementation, modification and use, and reduced cost of ownership. Flexi products are designed to support new technologies as they develop, including the Internet and corporate intranets, can be modified quickly and efficiently by users to create tailored business solutions, and can readily be integrated with new applications to support evolving business processes. |
| Competition |
| The market for the Company's financial accounting software products and services is intensely competitive and characterized by rapid changes in technology and the frequent introduction of new products. The Company's principal competitors in the financial accounting software market include PeopleSoft, Inc., SAP AG, Oracle Corporation, GEAC Computer Corporation Limited, SQL Financials International, Inc. and Lawson Software. The Company also faces competition from providers of industry-specific applications as well as indirect competition from in-house, custom-developed financial management applications. A number of the Company's competitors are more established, benefit from greater name recognition and have substantially greater financial, technical and marketing resources than the Company and its FIPs and distributors. Moreover, other than the need for financial and technical expertise, there are no significant proprietary or other technological barriers to entry in the financial accounting software market. The Company believes that the principal factors affecting competition in the financial accounting software market include product flexibility, performance, functionality and features, use of standards-based technology, quality of support and service, company reputation, price and overall cost of ownership. |
| Business Plan |
| The Company's goal is to establish itself as a global leader in the financial accounting software market. Key elements of the Company's strategy include: (I) Extend Technology Leadership, (ii) Target Users with Sophisticated Financial Accounting Requirements, (iii) Focus on Reduced Cost of Ownership, (iv) Leverage Strategic Relationships and (v) Expand Sales and Distribution Resources. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for working capital and general corporate purposes. |