Ecommerce software company ChannelAdvisor has joined the lineup of companies planning to go public.
The Morrisville company on Thursday filed a registration statement with the Securities and Exchange Commission, the initial paperwork in which companies outline their plans for a public offering. The proposed offering would raise $86.2 million for ChannelAdvisor though that amount will likely change. The filing does not yet list a price range for the stock, nor does it list the number of shares ChannelAdvisor wants to sell.
Those details will come in updated filings with the SEC.
But ChannelAdvisor did say that it plans to list on the New York Stock Exchange under the ticker symbol “ECOM.”
Goldman, Sachs & Co. is acting as the lead book-running manager for the proposed offering. Stifel Nicolaus & Company, Incorporated is acting as a book-running manager. Pacific Crest Securities LLC, BMO Capital Markets Corp., Needham & Company, LLC, and Raymond James & Associates, Inc. are acting as co-managers.
ChannelAdvisor’s software helps retailers manage sales and inventory over the Internet. The company’s services are offered in a “Software-as-a-Service” model, or SaaS. Revenue comes from subscription fees.
ChannelAdvisor’s customers include large businesses such as computer makers Dell and Lenovo and apparel retailers such as Jockey International and Under Armour. The company also counts as customers smaller businesses whose only retail presence is an online storefront on marketplaces such as Amazon.com or eBay. According to ChannelAdvisor’s filing the company had more than 1,900 customers worldwide at the end of 2012.
The ecommerce software market does offer ChannelAdvisor some competition. Seattle-based Mercent Corp., started by Amazon veterans in 2005, provides online retailers capabilities similar to what ChannelAdvisor offers. But ChannelAdvisor boasts a global presence to keep step with growing global e-commerce. ChannelAdvisor maintains a Europe, Middle East and Africa headquarters in the United Kingdom and an Asia Pacific headquarters in Australia.
A ChannelAdvisor IPO would mark an exit for its investors, which include eBay. Wingo has successfully steered two other Morrisville companies to exit. In 1998, Wingo sold Stingray Software to Boulder, Colo. company Rogue Wave Software Inc. for $21 million.
Two years later, Wingo’s online auctions software company AuctionRover.com was acquired by Pasadena, Calif. company GoTo.com for $174 million.