January 25, 2010

Convio To Try Again For Public Offering

Nonprofit CRM provider Convio is trying to go public again, this time seeking to raise $57.5 million. The stock would trade on the Nasdaq Stock Market under the symbol, CNVO.

The Austin-based online fundraising firm filed an S-1 form for an Initial Public Offering (IPO) today with the Securities and Exchange Commission (SEC). Neither the expected number of shares to be offered nor their price were disclosed. Convio declined to comment citing SEC rules regarding IPO filings.

Convio first filed to go public in August 2007 seeking to raise $86.3 million only to pull the IPO a year later amidst a struggling U.S. economy and declining stock market.

According to the latest documents filed with SEC, Convio ended 2009 with revenue of $63 million, up from $57 million the year before. The vast majority of revenue is from subscriptions and services, nearly $55 million last year. Annual revenue has steadily increased -- $43 million in 2007, $31 million in 2006, and $13 million in 2005 – while losses have declined, dwindling from $10.5 million in 2007 to $3.7 million in 2008 and less than $2 million last year.

The company plans to use the money raised in the IPO for working capital, and to possibly pay off debt and make acquisitions, according to SEC documents.

Convio serves approximately 1,300 nonprofit clients that raised $920 million last year and delivered 3.8 billion emails. Among those clients are the American Red Cross, American Cancer Society, World Wildlife Fund, People for the Ethical Treatment of Animals, and Planned Parenthood Federation of America.