Web analytics firm files for IPO

Website analytics company WebSideStory has filed registration papers to raise up to $57.5m through an initial public offering.

Website analytics company WebSideStory has filed registration papers to raise up to $57.5m through an initial public offering.

The company sells services for tracking activity on corporate websites, recording traffic as well as finer details about responses to online marketing campaigns and the way visitors interact with the sites. Its 500 customers include Walt Disney, Cisco Systems and Federal Express.

WebSideStory is hoping to IPO before turning an annual profit. Formed in September 1996, the company bartered its services for online advertising space for its first few years in business. It began charging for its services in mid-1999, and finally stopped trading its services for advertising in December.

Last year it had a net loss of $1.9m on revenue of $16.4m. The company squeaked into the black last quarter, turning a profit of $141,000 on revenue of $5m.

WebSideStory had filed in April 2000 for a $57.5m IPO but withdrew its registration six months later, citing unfavourable market conditions.

The company intends to use the IPO proceeds to pay off holders of preferred stock and for working capital needs, along with technology investment.

Stacy Cowley writes for IDG News Service

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