Southborough firm postpones IPO
Southborough-based Globoforce, which develops cloud-based social recognition software to help companies manage and motivate employees, said it will postpone its initial public offering (IPO).
“Despite receiving overwhelming interest in our initial public offering, we have decided to postpone our offering until market conditions are more favorable for our company and our customers,” CEO Eric Mosley said in a brief statement. “Our growth objectives and market opportunity remain the same. Our goal hasn’t changed. We remain committed to extending our leadership position in the social recognition market and look forward to the months ahead.”
According to filings with the U.S. Securities and Exchange, Globoforce initially filed a registration statement form on Nov. 8, 2013. The company said it counts 80 companies as clients with more than 1.7 million users in more than 140 countries. Its clients include JetBlue Airways, Abbott Laboratories and General Electric.
Globoforce grew its revenues from $100 million in 2010 to $167.8 in 2013. The company posted a loss of $1.3 million for 2013, compared to a profit of $828,000 in 2012. In a filing Wednesday, Globoforce said it planned to raise $32 million through the sale of 2.9 million shares with a price of around $14.50 each. It planned to be listed on NASDAQ as “THNX.”
Globoforce was founded in 1997 and has another headquarters in Dublin.
WBJ Web Partners
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