Eyeblaster, which filed for an IPO in October 2008 only to withdraw it three months later citing “market conditions,” is trying to go public again. The online ad campaign management firm notified the SEC today it hopes to raise $115 million by selling stock — the same amount it was hoping to raise one-and-a-half years ago.
Eyeblaster’s main product — MediaMind — is used by ad agencies to manage their digital ad campaigns; the company says it delivered campaigns for 7,500 brand advertisers last year. Some highlights from the company’s S-1 filing, after the jump.
– Financial performance: The recession appears to have taken a big hit on Eyeblaster’s growth. Revenue inched up only two percent to $65.1 million in 2009. By contrast, sales had jumped 43 percent the year before. Net income did however increase to $9.8 million last year, from $6.2 million, in part due to cost-cutting (Eyeblaster says it “focused on cutting costs given the uncertain global economic environment” during the first half of 2009). The company has $15.4 million in cash and cash equivalents.
– Ownership: Eyeblaster had raised about $40 million in funding, including $30 million in a round three years ago. Its main shareholder is Sycamore Technologies Ventures, which owns 33.9 percent of the company. Other big stockholders include Insight Ventures (22.6 percent), CEO Gal Trifon (8.1 percent) and co-founder Osfer Zadikario (6.2 percent).
– Use of funds: The company says it will use the cash for general corporate purposes, as well as possibly to “acquire or invest in companies and technologies” — although it says it has no immediate plans to do so.
– Stock: Underwriters include JP Morgan Securities, Deutsche Bank Securities, Pacific Crest Securities, FBR Capital Markets, ThinkEquity, and Broadpoint Capital.
By our count, this is the seventh digital firm that has filed to go public this year. The others are: GameFly, Vringo, Everyday Health, Motricity, Lulu, and Reply.com.