Initiate Systems files for IPO of up to $75 million
Published Sunday, September 7, 2008 by caitlyn6232 | E-mail this post
Chicago data-management software-maker Initiate Systems Inc. filed documents Tuesday afternoon covering an initial public offering of up to $75 million.
The closely held software concern's filing with the Securities and Exchange Commission didn't specify a price for shares to be offered in the planned IPO. The documents do offer a first glimpse of the fast-growing company's financial performance, however, and they suggest that while Initiate's losses are diminishing, the 249-employee company hasn't yet attained profitability.
Founded in 1994, Initiate makes specialized "master data management," or MDM, software that organizations use to scour their disparate databases of inaccurate or duplicate information, or to draw valuable but previously hidden connections between separately stored pieces of data.
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