Jive Software Will Start Trading Tuesday
Shares of Jive Software, the social enterprise and collaboration software company, will price today and debut on the Nasdaq exchange tomorrow morning, sources familiar with the matter tell AllThingsD. The debut will cap a process that began in August when it filed its first form S1 with the U.S. Securities and Exchange Commission.
Last month, the company estimated it will sell 11.7 million shares in a price range of $8 to $10. Lead underwriters on the deal are Morgan Stanley and Goldman Sachs with Citigroup, UBS, BMO Capital Markets and Wells Fargo also participating. At $10 a share, Jive would be valued at $573 million.
The company’s executives have been on a road show in recent weeks. You can see CEO Tony Zingale give a 32-minute talk complete with slides on the company on the Web site Retail Roadshow.
The IPO will mark a nice exit for venture capital investors Sequoia Capital and Kleiner Perkins who have backed Jive to the tune of $57 million in three rounds, the largest of which came in August of 2010.
The deal also takes place against the backdrop of a sudden surge in interest in enterprise software companies, particularly those that run in the cloud. SAP snapped up the cloud-based HR software player SuccessFactors for $3.4 billion earlier this month, while in October Oracle acquired RightNow for $1.4 billion.
Along with Taleo, Jive will quickly become part of the conversation concerning cloud-based acquisition targets.
While initially Jive’s software was delivered as an on-premise, behind-the-firewall product, it has in recent months been boosting its cloud-based business. In its original S1 filing, it said that as of the six months ended in June, it derived 59 percent of its sales from cloud-based software.