11/23/11

ExactTarget, which provides on-demand cross-channel marketing software solutions to a direct client base of over 4,600 organizations, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. The Indianapolis, IN-based company, which was founded in 2000, had abandoned its first attempt to go public in 2009 after securing $70 million in venture capital financing. ExactTarget's backers include Technology Crossover Ventures, Greenspring Associates, and Battery Ventures. The unprofitable company has been growing revenue at an impressive rate, booking $148 million in sales for the 9 months ended September 30, 2011, representing a 55% increase from the year-ago period.

ExactTarget's announcement of its IPO plans follows S-1 filings from a number of other fast growing software companies, including social networking platform Jive Software (JIVE), optimization software provider Eloqua Limited (ELOQ), and cloud services provider Brightcove (BCOV). ExactTarget has yet to determine a ticker or exchange. J.P. Morgan, Deutsche Bank Securities, and Stifel Nicolaus Weisel are the lead underwriters on the deal. No pricing terms were disclosed.