Eloqua, one of our main competitors, filed their S1 today to go public and raise a proposed $100 million. Being in the industry, I’m very interested to dive in and learn everything I can. Here are some quick notes from the document:
- Revenues (pg 8 )
2008 – $32.9 million
2009 – $41.0 million
2010 – $50.8 million ($3.6 million from services)
2011 – $60 million+ run rate currently
- Accumulated deficit of $148.6 million (pg 11)
- Sales seasonality with Q4 being the best (pg 14)
- Single data center in Toronto serving all customers (pg 18)
- Pardot LLC is mentioned as a competitive lead management software vendor (pg 21)
- Two patents pending (pg 25)
- Customer count (pg 67)
712 on December 31, 2009
896 on December 31, 2010
- Annual user conference cost $600,000 (pg 72)
- Substantial portion of cash provided by operating activities is deferred revenue (pg 74)
- IDC predicts that the marketing automation market will grow from $3.2 billion in 2010 to $4.8 billion in 2015 (pg 81)
- Each client gets their own database with a common schema (pg 96)
- Executive salaries are between $215,000 and $310,000 (pg 112)
- Executive target bonuses were focused around net monthly recurring revenue, cash balance, customer satisfaction, sales qualified opportunities, and product development (pg 113)
- Equity ownership percentage for the remaining co-founder is 5.5% and investors is ~81% (pg 132)
Overall, there’s nothing too surprising in the filing other than one item: I’m surprised salesforce.com entering the marketing automation market wasn’t listed as a threat.
Reading S1 filings is always interesting, and this one doesn’t disappoint.
What else? What do you think of the above information?