A company called Initiate Systems Inc. has filed to come public in a share sale worth up to $75 million for filing purposes. Goldman Sachs is the lead underwriter, with CIBC World Markets as a book-runner, and co-managers are listed as Jefferies and Thomas Weisel partners. The company has taken the proposed ticker of "INSY" on NASDAQ.
Initiate Systems provides master data management software. The company enables other organizations to leverage and share critical data with a complete real-time view of data spread across multiple systems or databases, even outside their firewalls. This allows companies to unlock the value of their data assets for competitive advantages or operational improvements. It has deployed solutions to over 100 enterprise customers across a number of different industries including healthcare, government, banking, insurance and retail. Doesn’t this sound a lot like Big Brother?
Its revenues were $33.2 million for the year ended 2006, and it posted a net losses of $12.3 million; and revenues were $22.7 million for the six months ended June 30, 2007, and it posted a net loss of $7.2 million for the six months ended June 30, 2007. As far as the total market opportunity, Forrester Research estimated in 2007 that the worldwide MDM market was approximately $1.1 billion in 2006 and projects that this market will grow to $6.6 billion in 2010, representing a compound annual growth rate of 57%.
In the risk section, the company and its registered public accountant have identified material weaknesses in internal controls over financial reporting. The company was founded in 1994 as RBG Corporation with a direction of healthcare patient databases. In 1995 it changed its name to Madison information Technologies, Inc. and ultimately became INITIATE SYSTEMS INC. in 2003. It had 241 employees as of June 30, 2007.
Jon C. Ogg
November 13, 2007
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