eRoom Pulls $70M IPO
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eRoom Technology, a maker of Net-based enterprise collaboration software, has withdrawn its $70 million IPO filing due to poor market conditions.
The Cambridge, Mass., company founded in 1996 by a pair of former Lotus executives had filed for the IPO with Nasdaq last October. The company has raised $51 million in venture capital to date with private equity firms including Matrix Partners, North Bridge Venture Partners and others, and also Ford Motor Co.
At the time of its filing, it had 175 employees and 350 customers, mostly Fortune 2000 firms including 3Com, Cisco, Compaq and GTE. Customers use eRoom's software to create a secure, internal online space via a Web browser to share documents, e-mail message and corporate server files. The software allows co-workers to control file access and record when and how each file is changes. It also allows members to see who else in online, and links them with an instant messaging service.
In its IPO application with the SEC, eRoom reported 1999 revenues of $3.6 million and losses of $9.8 million.