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| Virage Inc. |
| 177 Bovet Road, Suite 520, San Mateo, CA 94402 * (650) 573-3210 |
| Business Description | The company is a leading provider of software products and application services that allow media and entertainment companies, enterprises and consumers to deploy, manage and distribute their video content over the Internet and intranets. |
| Offering Information Company has | |||
| Trading As | VRGE (NASNTL) | Industry | Internet (SIC 7371) |
| Type of Stock Offered | Common Shares | Filing Date | 2/7/00 |
| Domestic Shares Offered | 3,500,000 | Offer Date | 6/28/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 3,500,000 | Offer Price | $11.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.770 |
| Gross Proceeds | $38,500,000 | Selling | $0.462 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 21,800,000 | Employees | 118 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| Wit SoundView | Co-manager |
| 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 | 3/31/95 | 3/31/96 | 3/31/97 | 3/31/98 | 3/31/99 | 12/31/98 | 12/31/99 |
| Revenues | - | 0.099 | 1.445 | 2.702 | 3.350 | 2.323 | 3.887 |
| Income from Oper. | -0.551 | -1.546 | -1.633 | -4.119 | -6.292 | -4.491 | -7.686 |
| Net Income | -0.543 | -1.469 | -1.599 | -4.100 | -6.170 | -4.378 | -10.401 |
| E.P.S | -0.210 | -0.560 | -0.720 | -1.420 | -1.840 | -1.360 | -2.430 |
| Revenue Growth (%) | - | 1,359.60 | 86.99 | 23.982 | 67.33 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -6.00 | -4.46 | -6.20 | ||||
| Cash Flow - Inv. | -0.55 | -0.40 | -1.20 | ||||
| Cash Flow - Fin. | 5.13 | 0.19 | 19.40 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 21.51 | Current Assets | 19.19 | Current Ratio | 5.64 |
| Total Liab. | 43.41 | Current Liab. | 3.40 | Debt Ratio | 201.82% |
| Total Equity | -21.90 | Working Cap. | 15.79 | Debt to Equity Ratio | - |
| Cash | 16.36 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, capital expenditures and working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Gray Cary Ware & Freidenrich |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Entities affiliated with Trinity Ventures | 12.70 | |
| Entities affiliated with Sutter Hill Ventures | 12.00 | |
| Entities affiliated with Weston Presidio Capital | 11.00 | |
| Ventures/Hambrecht & Quist | 9.50 | |
| AltaVista Company | 8.20 | |
| Entities affiliated with Media Technology Ventures | 7.20 | |
| Reuters Holdings Switzerland SA | 5.80 | |
| Note: represents ownership of 5% or more prior to the offering. | ||