TechTarget Inc. goes public, stock climbs "sharply" in first day of trading.TechTarget Inc. announced an initial public offering of $13.00 per share on May 17, 2007, which "climbed sharply" in the words of Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July , to close the day at $14.79 on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (NASDAQ: TTGT TTGT Tank Team Gunnery Trainer ). The newswire described the specialized-information company's move as "one of the week's most anticipated initial public offerings ... "Some 7.7 million shares were sold into the oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. offering, which priced at the midpoint of the expected, per-share price range of $12 to $14. Analysts reported strong demand for shares in TechTarget, which continues the resurgence of IPOs from the technology sector. "It marks the 13th technology stock to go public so far this year, representing 18 percent of all IPOs priced in the United States, according to Thomson Financial," Dow Jones reported. Note that DJ's "technology stock" sector includes specialized-information publishing. Where did TechTarget come from? TechTarget's story begins in 1992 when UCG UCG United Church of God UCG Underground Coal Gasification UCG University College Galway UCG Unified Communications Group (Microsoft) UCG Universal Command Guide for Operating Systems (Guy Lotgering book) bought Reliability Ratings, a Boston-based IT newsletter company founded by Greg Strakosch and Kevin Beam. They remained with UCG after the sale, running the technology division. Then, in 1999, Strakosch had an idea for another company. UCG agreed to spin off the new company, providing an initial $12 million to get it going. Strakosch became TechTarget's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Beam its executive vice president. Joining them from UCG was Don Hawk, who at UCG launched the website that became the model for TechTarget. Hawk is TechTarget's president. UCG founding partner Bruce Levenson sits on the company's advisory board. On May 21, The Motley Fool weighed in on TechTarget (disclosure: UCG and The Motley Fool both subscribe to NL/NL): "The company has turned into a compelling business; last year it grew revenues by 18 percent to $79 million and posted operating income of $12.6 million. Over the years, it has developed a streamlined system to deploy new sites; with the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. proceeds, TechTarget should be able to use this system to rev up its growth. International markets may also present lucrative opportunities for expansion." TechTarget, 117 Kendrick St., #800, Needham, MA 02494, 781-657-1000, fax 781-657-1100, www.techtarget.com |
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