Social Enterprise Company Jive Files For $100M IPO; 2010 Revenue Was $46M
Social enterprise giant Jive has just filed its S-1, and will raise as much as $100 million in the offering.
Modeled to offer Facebook-like features to enterprises, Jive’s software combines computing with social collaboration to offer fully-featured social networks for businesses. Its suite of applications help businesses collaborate on a variety of tasks, including holding discussions, communication, sharing documents, blogging, running polls, and social networking features and more.
Some of the key information in the filing relates to revenue. For the years ended December 31, 2008, 2009 and 2010, and for the six months ended June 30, 2011, Jive’s total revenues were $16.9 million, $30.0 million, $46.3 million and $34.0 million, respectively.
The company actually took a loss in 2008, 2009, 2010 and the six month period ending in June 2011. Losses appeared to actually increase—the company lost $27.6 million in 2010, and $30.6 million this year. The company says that it is continuing to invest revenue back into infrastructure, development of and sales and marketing, and expects operating expenses to increase significantly.
Jive also says that it is in the process of transitioning its customer data centers from a third-party service provider to a co-located facility managed by Jive’s own network operations team, which will require significant capital.
As of June 30, 2011, Jive has 635 enterprise customers, including Hewlett-Packard Company, SAP AG, T-Mobile and UBS AG, with over 15 million users. The company currently had 358 employees as of June 30, 2011.
Jive says that it plans to use the proceeds of the offering to pay down outstanding loans ($20 million) and towards general corporate purposes, including working capital and potential acquisitions.
In terms of investment, Jive has raised a total of $57 million, and the company’s largest investor Sequoia Capital owns over a third of Jive (36 percent). Kleiner Perkins owns 14.24 percent of Jive.
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