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Tech Trade Media Firm TechTarget Files For Smallish $75 Million IPO

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So it has finally happened…TechTarget, the tech trade online media firm which did the M&A round last year before deciding to take the company public, has filed for a smallish $75 million IPO. Morgan Stanley and Lehman Brothers are leading the deal’s underwriting. The Needham, Mass.-based company will list on Nasdaq under “TTGT”. Release.
The full S-1 filed with SEC is here.
Some financial numbers from the S-1:
— We generated revenues of $67 million in 2005, up from $47 million in 2004. Over the same period, we grew our adjusted EBITDA from $5 million to $13 million.
— Revenues from online for nine months of 2006 were $35.75 million…2005 full year revenues were $43.66 million.
— Profits for nine months of 2006 were $4.4 million…2005 full year revenues were $8.86 million.
— Our ad revenues accounted for approximately 98% of our total revenues for the nine months ended September 30, 2006.
— Acquisitions it made: for $15.0 million in cash (May 2006); Bitpipe for $40.5 million in cash (Dec 2004); and The Middleware Company for $1.1 million in cash (Nov 2004)
— Raised $32.3 million in first round.
— Raised an additional $69.9 million in second round in 2004. In June 2004, in connection with the series B preferred stock offering, we paid $43.7 million to repurchase a portion of the series A preferred stock, common stock, and certain outstanding employee options. We recorded a $6.0 million stock-based compensation charge associated with the repurchase of the employee options.
— Raised an additional $15.0 million in third round in Decembe 2004.
— Venture investors: Technology Crossover Ventures (owns 32.34 percent), Polaris Venture Partners (owns 28.41 percent)
TechTarget Gearing For IPO; Scouting Bankers
TechTarget Acquires; IPO In a Year
TechTarget’s 2005 Revenues: $70 Million
TechTarget IPO Possibility: Some More Details
TechTarget Hires Investment Bank For IPO; Reorganizes