Permission-based e-mail marketing and communications company Exactis.com (XACT) completed an initial
public offering of 3.8 million shares of common stock at a price of $14 per
share.
The stock closed at $24, up 71.5 percent.
Thomas Weisel Partners LLC was the lead manager of the offering. Dain
Rauscher Wessels, a division of Dain Rauscher Inc., and Wit Capital served as
co-managers. Founded as Mercury Mail in 1995 and then known as InfoBeat,
Exactis.com has headquarters in Denver.
Using its patented technology, Exactis.com said it delivers 8 million to 10
million messages a day for clients in online retail, publishing and financial
services, and provides a range of e-mail solutions for each target audience.
Clients include Tribune Media Service, The Economist, Sony, MSNBC and Charles
Schwab & Co., which use Exactis.com solutions to send news, information,
marketing and event-triggered communications by e-mail messages, some of
which include banner ads.
Investors in Exactis.com include American Express, Tribune Media Services,
The Centennial Funds, Boulder Ventures, Telecom Partners, Softbank and Global
Retail Partners.
According to its SEC filing, the company, which has been investing heavily in
technology, recorded a net loss of $8 million in 1998 on revenues of $2.8
million.
Revenues for the first nine months of this year were up dramatically
at $7.2 million with a loss of $6.3 million so far.