E-commerce customer relationship management software vendor, Quintus Corp, stormed to a $55 closing share price, in its Wall Street debut yesterday, clocking a 205% increase from the $18 starting price it offered to the market. Quintus raised $72m from the initial public offering which involved 4 million shares.
The Fremont, California-based company posted a net loss of $1.6m, down from $4.3m in the year-ago period, on revenue up 41% at $22m for the first half of its 1999-2000 fiscal year, its pre-IPO filing with the US Securities and Exchanges Commission revealed. Future business risks to Quintus cited in the filing include its dependence on Lucent Technologies which accounted for 28.3% of total sales for the six months to September 30. Lucent resells Brightware’s software for email management integrated with Quintus’s eContact suite.
