Initiate Systems seeks $75M in IPO

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Initiate Systems, an identity and data management software vendor, seeks to raise $75 million from its initial public offering (IPO), according to documents filed with the U.S. Securities and Exchange Commission on Nov. 13.

The Chicago-based company said it intends to use IPO proceeds for payment of $5 million in mandatory redemption of preferred stock, mandatory repayment of outstanding amounts on a revolving credit facility, working capital, product development and funding capital expenditures.

Investment firms involved in the IPO include Goldman, Sachs & Co., CIBC World Markets, Jefferies & Company, and Thomas Weisel Partners. The number of shares to be offered and the anticipated price range have not been determined, according to Initiate Systems.