Five9 (FIVN) IPO Trades Higher on Debut

April 4, 2014 1:32 PM EDT

After opening earlier at $7.95 per share, today's IPO for Five9, Inc. (NASDAQ: FIVN) is trading at $8.25 after pricing 10,000,000 shares at $7, below the expected $9-$11 range.

J.P. Morgan and Barclays are acting as lead joint book-running managers for the offering, with BofA Merrill Lynch also acting as book-running manager. Pacific Crest Securities, Canaccord Genuity and Needham & Company are acting as co-managers.

Five9 is a pioneer and leading provider of cloud software for contact centers. The company is exclusively focused on delivering their platform in the cloud and are disrupting a significantly large market by replacing legacy on-premise contact center systems. Their mission is to empower organizations to transform their contact centers into customer engagement centers of excellence, while improving business agility and significantly lowering the cost and complexity of their contact center operations. The company's purpose-built, highly scalable and secure Virtual Contact Center, or VCC, cloud platform delivers a comprehensive suite of easy-to-useapplications that enable the breadth of contact center-related customer service, sales and marketing functions. Five9 facilitates over three billion interactions between our more than 2,000 clients and their customers per year and believes ability to combine software and telephony into a single unified platform that is delivered in the cloud creates a significant barrier to entry.

For the years ended December 31, 2011, 2012 and 2013, revenues were $43.2 million, $63.8 million and $84.1 million, respectively, representing year-over-year growth of 48% and 32%, respectively. They incurred a net losses of $7.9 million, $19.3 million and $31.3 million for the years ended December 31, 2011, 2012 and 2013, respectively, as a result of increased investment in growth.



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