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| Opensite Technologies, Inc. |
| 5315 Highgate Drive, Suite 102, Durham, NC 27713 * (919) 544-1993 |
| Business Description | OpenSite is the market share leader in online auction software solutions with the largest installed base of auction sites. |
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Filing Information Not yet | ||||
| To Trade As | OPNS (NASNTL) | Industry | Internet (SIC 7389) | |
| Type of Stock Offered | Common Shares | Filing Date | 2/8/00 | |
| Domestic Shares Filed | 5,000,000 | Filing Range | $13.00 - $15.00 | |
| Foreign Shares Filed | 0 | Offering Amount | $70,000,000 | |
| Company Shares | 5,000,000 | Est. Expenses | - - | |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - | |
| Employees | 68 | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| Chase H&Q; | Co-manager | (415) 439-3626 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| Wachovia Securities, Inc. | Co-manager | |
| Wit SoundView | Co-manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/96 | 12/31/97 | 12/31/98 | 3/31/98 | 3/31/99 | ||
| Revenues | - | - | 0.012 | 0.339 | 1.280 | 0.216 | 1.049 |
| Income from Oper. | - | - | 0.000 | 0.127 | -2.403 | -0.006 | -1.511 |
| Net Income | - | - | 0.000 | 0.129 | -2.360 | -0.001 | -1.493 |
| E.P.S | - | - | 0.000 | 0.020 | -0.320 | 0.000 | -1.150 |
| Revenue Growth (%) | - | - | 2,725.00 | 277.581 | 385.65 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | 37.46 | - | - | - |
| Net Profit Margin (%) | - | - | - | 38.05 | - | - | - |
| Cash Flow - Oper. | -1.77 | -0.02 | -0.56 | ||||
| Cash Flow - Inv. | -0.39 | -0.03 | -0.05 | ||||
| Cash Flow - Fin. | 4.29 | 0.41 | 16.88 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/99 | Financial Ratios | ||||
| Total Assets | 19.94 | Current Assets | 19.22 | Current Ratio | 10.82 |
| Total Liab. | 35.53 | Current Liab. | 1.78 | Debt Ratio | 178.21% |
| Total Equity | -15.59 | Working Cap. | 17.44 | Debt to Equity Ratio | - |
| Cash | 18.54 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for for expansion of our business, including sales and marketing activities, product development, possible future acquisitions and for general corporate purposes, including working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morris, Manning & Martin |
| Bank's Law Firm | Simpson, Thacher & Bartlett |
| Registrar/Transfer Agent | BankBoston |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
We face competition in a number of areas, including application, aggregation, auction hosting and other services. Application. Our direct competitors include other software providers, application service providers and system integrators who create unique solutions suited to a specific customer as well as solutions developed in-house at individual organizations. The number of dynamic pricing software providers is increasing every quarter. These providers can be segmented into entry and enterprise level. The entry-level providers tend to offer solutions for companies who desire easy entry into the auction market without a large financial investment. Most software is relatively inexpensive (less than $10,000), and price and ease of use are often the deciding factor in this target market. Competitors in this arena include Auction Broker, Beyond Solutions and Emaze. Another category of application competitors focuses on enterprise-level solutions. The target market for these competitors is larger businesses that desire system flexibility and integration into back-end ERP and supply-chain systems. Functionality and a desire for an open architecture are key decision criteria for this target market. Competitors in the enterprise-level market include IBM's Net.commerce product, Moai Technologies, Trading Dynamics and Webvision. Aggregation. A number of aggregation sites exist today, including the Bidder Network, Bidder's Edge and BidFind. In addition to these aggregation sites, there are other person-to-person online auction community sites that contain a large number of auction items, including Amazon.com, Auction Universe, eBay, OnSale and uBid. These large content sites have significant brand recognition and large amounts of site traffic. Auction Hosting. We believe that the outsourced Internet technology model will become increasingly popular in the auction space. Currently, only two competitors offer outsourced auction-hosting services similar to our Concierge product. They are the Bidder Network and FairMarket. Services. We also believe that some business consultants currently provide auction-related services and solutions in the course of their work. As the acceptance of online auctions grows, we believe that more consultants will develop expertise in the area of online auctions. These competitors include Andersen Consulting and iXL. |