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| Witness Systems, Inc. |
| 1105 Sanctuary Parkway, Alpharetta, GA 30004 * (770) 754-1900 |
| Business Description | The company is a leading provider of recording and analysis software that enables companies to enhance their customer interactions across multiple communications media. |
| Offering Information Company has | |||
| Trading As | WITS (NASNTL) | Industry | High-Tech (SIC 7372) |
| Type of Stock Offered | Common Shares | Filing Date | 11/22/99 |
| Domestic Shares Offered | 3,800,000 | Offer Date | 2/9/00 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 3,800,000 | Offer Price | $20.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.400 |
| Gross Proceeds | $76,000,000 | Selling | $0.840 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 21,200,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Chase H&Q; | Lead Manager | (415) 439-3626 |
| SoundView Financial Group, Inc. | Co-manager | (203) 462-7242 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| 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 | 12/31/96 | 12/31/97 | 12/31/98 | 9/30/98 | 9/30/99 | ||
| Revenues | - | - | 1.821 | 6.184 | 13.122 | 9.002 | 14.936 |
| Income from Oper. | - | - | -2.195 | -2.275 | -4.913 | -4.053 | -6.240 |
| Net Income | - | - | -2.191 | -2.213 | -4.944 | -4.079 | -6.560 |
| E.P.S | - | - | -0.380 | -0.570 | -1.410 | -1.030 | -2.130 |
| Revenue Growth (%) | - | - | 239.59 | 112.193 | 65.92 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -3.15 | -1.67 | -4.46 | ||||
| Cash Flow - Inv. | -1.32 | -0.94 | -1.14 | ||||
| Cash Flow - Fin. | 3.29 | 2.35 | 4.74 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/99 | Financial Ratios | ||||
| Total Assets | 8.92 | Current Assets | 7.02 | Current Ratio | 0.76 |
| Total Liab. | 33.59 | Current Liab. | 9.27 | Debt Ratio | 376.62% |
| Total Equity | -24.67 | Working Cap. | -2.25 | Debt to Equity Ratio | - |
| Cash | 0.05 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of debt, working capital, product development, expansion of sales and marketing capabilities and potential acquisitions of products, technologies and businesses. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morris, Manning & Martin |
| Bank's Law Firm | Alston & Bird |
| Registrar/Transfer Agent | SunTrust Bank of Atlanta |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Battery Investment Partners IV, LLC | 45.70 | |
| James W. Judson, Jr. | 10.00 | |
| MKFJ-IV, L.L.C. | 6.70 | |
| David B. Gould | 6.30 | |
| W. Thomas Snyder | 6.00 | |
| Kirk A. Knous | 5.80 | |
| Hambrecht & Quist California | 5.40 | |
| Note: represents ownership of 5% or more prior to the offering. | ||