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| Software.com, Inc. |
| 525 Anacapa Street, Santa Barbara, CA 93101 * (805) 882-2470 |
| Business Description | Software.com is a leading developer and provider of scalable, high performance messaging software applications for providers of Internet communications and services. We have developed an extensible software platform utilizing Internet standards-based technologies, enabling our customers to deliver a variety of messaging services. We have multiple messaging applications based on this platform, including Web browser-based email, desktop client-based email, outsourced or "managed" business messaging, and Internet-based voicemail and faxmail messaging. |
| Offering Information Company has | |||
| Trading As | SWCM (NASNTL) | Industry | Internet (SIC 7373) |
| Type of Stock Offered | Common Shares | Filing Date | 04/14/1999 |
| Domestic Shares Offered | 6,000,000 | Offer Date | 06/23/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 |
| Company Shares | 5,000,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 1,000,000 | Gross Spread | $1.050 |
| Gross Proceeds | $90,000,000 | Selling | $0.630 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 40,272,627 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||||
| Revenues | - | - | 7.882 | 10.666 | 25.619 | - | - |
| Income from Oper. | - | - | -3.250 | -11.707 | -6.521 | - | - |
| Net Income | - | - | -3.163 | -11.469 | -7.403 | - | - |
| E.P.S | - | - | -0.130 | -0.440 | -0.290 | - | - |
| Revenue Growth (%) | - | - | 35.32 | 140.193 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -10.13 | - | - | ||||
| Cash Flow - Inv. | -0.91 | - | - | ||||
| Cash Flow - Fin. | 10.41 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 19.06 | Current Assets | 15.54 | Current Ratio | 0.99 |
| Total Liab. | 29.12 | Current Liab. | 15.65 | Debt Ratio | 152.79% |
| Total Equity | -10.06 | Working Cap. | -0.12 | Debt to Equity Ratio | - |
| Cash | 5.45 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of indebtedness, working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Villeneuve Franklin & Hachigian, LLP |
| Auditor | Ernst & Young |
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| Industry Competition |
The market for Internet standards-based messaging products and services is intensely competitive, and we expect it to become increasingly so in the future. We compete in our core service provider market with many software providers. We also compete against messaging solutions based on public domain software that is developed internally by service providers. We compete to a more limited extent with providers of messaging applications designed for the enterprise market. We believe that competition will intensify as our current competitors increase the sophistication of their offerings and as new market participants, including providers of "outsourced" e-mail solutions, also known as wholesalers, enter the market. Many of our current and future competitors have longer operating histories, larger installed customer bases, greater brand recognition, and significantly greater financial, marketing and other resources than we do. In addition, these competitors may benefit from existing strategic and other relationships with each other or with our current customers. We must respond quickly and effectively to the new products, services, and enhancements offered by our competitors in order to succeed. Our current competitors in the service provider market include Netscape and Sun Microsystems, which has agreed to acquire many of Netscape's software operations. We also compete with Microsoft whose current product was developed for the enterprise market but is sold to some service providers. In addition, Microsoft and Lucent Technologies, among others, are well-positioned to become increasingly competitive in our core service provider messaging market. |