Venture-backed software provider SolarWinds announces IPO terms

SolarWinds, a leading provider of enterprise-class network management software, announced terms for its upcoming initial public offering on Friday. The Austin, TX-based company plans to raise $127 million by offering 12.1 million shares at a price range of $9.50 to $11.50, with insiders slated to receive 35% of offering proceeds. Founded in 1999, SolarWinds is backed by the venture arm of Bain Capital, Insight Ventures and Austin Ventures. While an official pricing date has yet to be disclosed, the deal is likely to move forward within the next 2-3 weeks. J.P. Morgan, Goldman Sachs, and Morgan Stanley are listed as lead underwriters on the deal. SolarWinds plans to list on teh NYSE unde the symbol "SWI".