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| Allaire Corp. |
| One Alewife Center, Cambridge, MA 02140 * (617) 761-2000 |
| Business Description | The company develops, markets and supports application development and server software for a wide range of Web development, from building static Web pages to developing enterprise-scale, interactive Web applications. |
| Offering Information Company has | |||
| Trading As | ALLR (NASNTL) | Industry | Internet (SIC 7372) |
| Type of Stock Offered | Common Shares | Filing Date | 12/09/1998 |
| Domestic Shares Offered | 2,500,000 | Offer Date | 01/22/1999 |
| Foreign Shares Offered | 0 | Filing Range | $19.00 - $20.00 |
| Company Shares | 2,500,000 | Offer Price | $20.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.400 |
| Gross Proceeds | $50,000,000 | Selling | $0.840 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 10,158,260 | Employees | 153 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| Nationsbanc Montgomery Securities, Inc. | Co-manager | (415) 627-2100 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1995 | 12/31/1996 | 12/31/1997 | 09/30/1997 | 09/30/1998 | ||
| Revenues | - | - | 0.000 | 2.358 | 7.116 | 4.595 | 13.903 |
| Income from Oper. | - | - | -0.188 | -1.712 | 5.236 | -4.673 | 8.017 |
| Net Income | - | - | -0.188 | -1.698 | -7.425 | -4.548 | -7.988 |
| E.P.S | - | - | -0.090 | -0.970 | -4.400 | -2.870 | -2.840 |
| Revenue Growth (%) | - | - | - | 201.781 | 202.57 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 73.58 | 57.66 | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -3.30 | -1.83 | -3.59 | ||||
| Cash Flow - Inv. | -1.75 | -1.05 | -1.69 | ||||
| Cash Flow - Fin. | 10.05 | 10.12 | 1.63 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1998 | Financial Ratios | ||||
| Total Assets | 8.33 | Current Assets | 5.94 | Current Ratio | 0.73 |
| Total Liab. | 12.04 | Current Liab. | 8.16 | Debt Ratio | 144.51% |
| Total Equity | -3.71 | Working Cap. | -2.22 | Debt to Equity Ratio | - |
| Cash | 1.88 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Foley Hoag & Eliot |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Registrar/Transfer Agent | Boston Equiserve Limited Partnership |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The Web development products market is intensely competitive, subject to rapid change and significantly affected by new product introductions and other activities of market participants. Primary competitors include large Web and database platform companies that offer a variety of software products, such as Microsoft, IBM, Netscape Communications Corporation, Sun, Oracle, Sybase, Symantec Corporation, Informix Software and Inprise Corporation (formerly Borland International Inc.). In addition, the Company experiences competition from a number of medium-sized and start-up companies that have introduced or are developing Web development products, such as NetDynamics, Inc., which has agreed to be acquired by Sun, Vignette Corp., HAHT Software, Inc., GoLive Systems Inc., Broadvision, Inc. and SilverStream Software, Inc. In addition, the Company has strategic relationships with Macromedia and NetObjects. In some cases, these Web development products vendors compete with the Company, and there can be no assurance that these strategic relationships will continue. The Company believes that additional competitors may enter the market with competing products as the size and visibility of the market opportunity increases. Increased competition could result in pricing pressures, reduced margins or the failure of the Company's products to achieve or maintain market acceptance, any of which could have a material adverse effect on the Company's business, operating results and financial condition. |
| Business Plan |
The Company's goal is to be the leading provider of Web development and Web application server products. Key elements of the Company's strategy to attain this goal are: (i) Maximize Market Share, (ii) Support an Open Web Application Architecture, (iii) Focus on Major Account Sales, (iv) Expand Channel Distribution, (v) Expand Availability of Consulting and Training and (vi) Maintain Technological Leadership. |