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| Pivotal Corporation |
| 300-224 West Esplanade, North Vancouver, Canada V7M 3M6 * (604) 988-9982 |
| Business Description | The company is a provider of customer relationship management solutions that enable businesses to increase revenues by more effectively managing their interactions with customers and partners in the selling process. |
| Offering Information Company has | |||
| Trading As | PVTL (NASNTL) | Industry | High-Tech (SIC 7372) |
| Type of Stock Offered | Common Shares | Filing Date | 07/14/1999 |
| Domestic Shares Offered | 3,500,000 | Offer Date | 08/04/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 |
| Company Shares | 3,500,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $42,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 19,483,123 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| 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 | 06/30/1995 | 06/30/1996 | 06/30/1997 | 06/30/1998 | 06/30/1999 | ||
| Revenues | 0.080 | 0.399 | 3.506 | 14.209 | 25.327 | - | - |
| Income from Oper. | -0.811 | -1.346 | -1.536 | -0.122 | -2.541 | - | - |
| Net Income | -0.792 | -1.261 | -1.394 | 0.004 | -2.808 | - | - |
| E.P.S | -0.240 | -0.370 | -0.410 | - | -0.720 | - | - |
| Revenue Growth (%) | 398.75 | 778.70 | 305.28 | 78.246 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | 0.03 | - | - | - |
| Cash Flow - Oper. | 2.51 | - | - | ||||
| Cash Flow - Inv. | -2.39 | - | - | ||||
| Cash Flow - Fin. | 8.01 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1999 | Financial Ratios | ||||
| Total Assets | 21.72 | Current Assets | 18.67 | Current Ratio | 1.64 |
| Total Liab. | 28.91 | Current Liab. | 11.41 | Debt Ratio | 133.11% |
| Total Equity | -7.19 | Working Cap. | 7.26 | Debt to Equity Ratio | - |
| Cash | 9.34 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Dorsey & Whitney |
| Bank's Law Firm | Morrison & Foerster |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Deloitte & Touche |
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| Industry Competition |
The market for the company's software is intensely competitive, fragmented and rapidly changing. The company faces competition from companies in two distinct markets, the customer relationship management software market and the electronic commerce software market. Competitors in the customer relationship management software market include: (i) vendors such as Siebel Systems, Inc., Onyx Software Corporation, Clarify, Inc. and The Vantive Corporation; (ii) large enterprise software vendors such as Baan Company N.V. and Oracle Corporation and (iii) internal information technology departments may develop proprietary customer relationship management applications. Competitors in the electronic commerce software market include Internet relationship management and other electronic commerce software companies such as Vignette Corporation and Silknet Software, Inc. The company expects competition from companies like these to increase as the company focuses more on its Pivotal eRelationship application and Internet-based applications involving electronic commerce. |
| Business Plan |
The company's goal is to become a leading global provider of electronic business solutions which combine customer relationship management and electronic commerce solutions. The key elements of the company's growth strategy are as follows: (i) Extend the Scope of Our Applications, (ii) Expand Our Worldwide Distribution Capacity, (iii) Broaden Our Network of Strategic Relationships, (iv) Continue Focusing on Our Customers' Success and (v) Partner with Application Service Providers to Offer Our Solutions on a Usage Fee Basis. |