Canadian CRM specialists Pivotal are going public with an initial flotation of three and a half million shares on the US stock market, it was announced last week.
The shares will be offered in a proposed price range of US$12 to US$14 after Pivotal filed a registration statement with the US Securities and Exchange Commission on July 14.
The company said proceeds from the flotation would be primarily used for additional working capital and other general purposes, and signalled that they would be looking to up spending on domestic and international sales and marketing as well as increasing their R+D commitment.
The common shares will be offered by an underwriting group lead managed by Merrill Lynch & Co. and co-managed by Bear, Stearns & Co. Inc. and Dain Rauscher Wessels. When available, a copy of the prospectus relating to the offering may be obtained from Merrill Lynch & Co., Bear, Stearns & Co. Inc. or Dain Rauscher Wessels.
Pivotal Corporation provides CRM solutions for businesses looking to improve their relationships with customers, prospects and business partners.
The company's "360° Customer Relationship Management" solution includes corporate network- and Internet-based applications supported by an array of professional services and the company's global network of partners, the Pivotal Alliance.
Pivotal's recently introduced Internet application, Pivotal eRelationship, simplifies the collaboration and sharing of information with customers and partners outside the business.