Apr 22nd 2000: Pioneering ASP Corio took the first formal step towards a Nasdaq listing yesterday when it filed registration papers with the US Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO).

It is believed to be aiming to raise at least $50m in the offering, which is to be underwritten by Goldman Sachs, Merrill Lynch and Robertson Stephens.

According to pro forma accounts filed with the application, Corio's revenues in the year ended Dec 31st 1999 were $5.8m, made up of $746,000 from application management services and just over $5m from professional services and other sources. Its net loss for the period was $45.0m.

The proceeds of the IPO will be used to bolster working capital and potentially make acquisitions, according to the document.

The long-awaited IPO will be the most significant ASP market debut since arch-rival USinternetworking became the first ASP to join the Nasdaq national market a year ago. Depending on market conditions, the offering is likely to take place in approximately two months' time.

The filing comes at the end of a mixed week for ASP stock market offerings - see separate ASPnews.com story, Mixed IPO fortunes for ASPs.

Earlier this month, Corio signed an agreement with Korean IT services giant Samsung SDS to set up a joint venture ASP, its first investment outside the USA. The two partners will stump up initial funding of $4.5m. Corio's founder, Korean American Jonathan Lee, who was on a visit to Korea at the time of the agreement, will serve as chairman of the venture.

To be called Corio SDS, the venture will draw on Corio's ASP offerings and Samsung's network infrastructure and ERP expertise in the small and medium-size business market.

ASPnews.com

ASP news    publications    forum    about us    directory

internet.com

Internet News  Internet Stocks/VC  Internet Technology  Windows Internet Tech.  Linux/Open Source  Web Developer  E-Commerce/Marketing  ISP Resources  Downloads  Internet Resources  Internet Lists  International Search internet.com  Advertising Info  Corporate Info  Internet Trade Shows

internet.commerce

Be a Commerce Partner  Software Store  Computer Help  Register Domains  Internet Jobs  Map Your Website  Rent E-mail Lists  Bookstore  Press Release dist.  Internet Research  Venture Capital  Web Publishing  Build Your Intranet  Ask an Expert  Get e-Biz Intell.  Content for Websites  Income for Small Biz  Address Verification  Build Sticky eStores  Advertise a Coupon  Promotional Products  Accept Credit Cards  Download Solutions  Create a Web Store  fax & vmail for free  Hardware Store  Track Time & Expenses  News to Your Desktop  Small Biz Purchasing  B2B Directory/Search  Freelancers

Copyright © 2000 internet.com Corporation All Rights Reserved. Legal Notices.