ChannelAdvisor targets 2013 IPO, sources say
Sept 28 |
Sept 28 (Reuters) - E-commerce software provider ChannelAdvisor has hired banks for an initial public offering next year, according to three sources familiar with the matter.
The Morrisville, North Carolina-based company, which is partly owned by eBay Inc, has hired Goldman Sachs and Stifel Nicolaus to lead the offering, two of the sources said.
ChannelAdvisor is hoping to list next summer, one of the sources said.
ChannelAdvisor and Goldman Sachs declined to comment. Stifel was not immediately available.
Founded in 2001, ChannelAdvisor helps companies sell their merchandise across multiple online channels such as Amazon.com Inc, Google Inc, eBay and Facebook Inc.
ChannelAdvisor is one of the leading companies in this niche of e-commerce, the other being Mercent Corp.
ChannelAdvisor generates roughly $50 million in revenue, according to sources familiar with the company. It has about 300 employees.
The company, whose customers include Crocs Inc, Dell Inc and Eddie Bauer Inc, declined to comment on its financials.
ChannelAdvisor is being pitched to potential investors as a software as a service company, one of the sources said. Shares of such companies, including ServiceNow Inc, Eloqua Inc and Demandware Inc, have soared after recent public offerings.
ChannelAdvisor has raised more than $75 million from venture firms including Kodiak Venture Partners, Southern Capitol Ventures and New Enterprise Associates, as well as eBay.
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