Yesterday I went through a few notes from the Eloqua S1 IPO filing. Today I want to look at the Jive Software S1 IPO filling that came out this week. Jive provides business collaboration, community, and social software in both on-demand and installed offerings. The easiest way to describe it is as community forums for places like ESPN.com as well as private Facebook-like communities internal to companies.
Here are some notes from the Jive Software S1 IPO filing:
- Revenues (pg 6):
2008 – $16.9 million (losses of $11.3 million)
2009 – $30 million (losses of $4.8 million)
2010 – $46.3 million (losses of $27.6 million)
2011 first six months – $34 million (losses of $30.6 million — an impressive amount for six months) - Growth strategy: Add customers, up-sell customers, add products, extend eco-system (pg 4)
- Q4 is strongest quarter for billings and renewals (pg 11)
- January 2011 hosting outage that affected some customers upwards of 14 hours (pg 13)
- 9-12 months for a new sales rep to be fully trained (pg 17)
- Debt of $29.6 million (pg 31)
- Renewal rates are over 90%, but only measured for customers paying at least $50,000/year (pg 40)
- 15% of billings over the past 18 months have been for contracts greater than 12 months (pg 51)
- OffiSync was acquired for $23.3 million (pg 55)
- Proximal Labs was acquired for $1.2 million (pg 55)
- Filtrbox was acquired for $1.7 million (pg 55)
- Employee count breakdown as of June 30, 2011 (pg 78):
358 regular, full-time employees
15 in hosting
27 in support
51 in professional services
122 in research and development
105 in sales and marketing
38 in general and administrative - VCs own ~40% of the company (pg 109)
- Co-founders own 15.8% and 15.8% (pg 109)
Overall, the IPO filing was as expected providing great detail about the Jive Software business.
What else? What other thoughts do you have about the Jive Software S1 IPO filing?
David Cummings on Startups 
At first glance, it seems unusual that VCs would only own 40%. Did the founders finance the company with debt?
I didn’t know that the losses were this high at Jive. Where would the get $74M for those losses over the years? Debt and VC money? That’s pretty steep. I also didn’t know they had over 350 people working there. That seems like a lot, especially for their revenue. For 2010 that’s a little over 100K in rev per employee, which is pretty low.
Thanks for posting these. I’ve always been intrigued by the IPO market and used to read the full prospectus when it came out for a company I was following. These summaries are saving me a lot of time 🙂
Here is some great insight in to JIVE’s financials from a person implementing it. He really pees on their parade.
http://www.constellationrg.com/22070/jives-s1-suggests-how-little-has-happened-in-social-business/