Technology

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Twitter TWTR Roadshow

We’ve posted both the slide deck and a full transcript with comments with links below. But here are our key take aways from the presentation: Twitter (TWTR) makes it clear that they are more mature on mobile and international than Facebook (FB) with 3/4 of their usage and users coming from those sources respectively. Advertising…

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The Germans Are Coming to 3D Printing

This week we expect voxeljet AG (VJET) to price above the range and trade up from there. 3D printing stocks have been red hot and there is simply more demand than supply right now for new names. As shown in the table included below market leaders 3D Systems (DDD) and Stratasys (SSYS) are up 106%…

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RingCentral IPO Basics

RingCentral (RNG) provides a sophisticated set of telephony capabilities to the small business (SMB) market. It’s naturally delivered as a cloud-based solution based on IP networking. RingCentral provides a set of services that business pay for on a monthly basis. (SaaS model) At the low end the company competes with more personal options like Google…

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FireEye FEYE Roadshow – Security Software

FireEye (FEYE) is an IT security play that launched in 2009 and has enjoyed explosive growth and offers a combination of security appliances and online monitoring services that enterprises are shifting too as older IT security technologies are becoming ineffective against newer, more advanced threats. Post the offering the company will have 118M shares outstanding…

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Performant Financial IPO Roadshow Briefing Sheet

Deal: 11.54MM shares (17% primary) at a mid-point of $13 = $150M IPO. NASDAQ: PFMT plan is to price on August 10. Books: Morgan Stanley, Goldman, Credit Suisse, Wells Fargo with Co-Managers: SunTrust and Blair. Company provides “technology-enabled solutions in recovery of financial assets.” Different than PRAA which acquires distressed assets. Focus is on student…

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Peregrine Semiconductor IPO Roadshow Briefing Sheet

Deal Info: 5.5M shares (97% primary) at a $15 mid-point = $82M IPO. Proposed market capitalization = $380M. NASDAQ: PSMI planned pricing the week of August 6 Books: Deutsche Bank and JP Morgan with co-managers: RBC, Needham, Oppy and PacCrest. Fabless semiconductor firm of 300 people in San Diego CA. Secret sauce is a special…

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If hardware is back “in” can Corsair get out?

Years ago PC gaming hardware company Corsair was “hot” among the private technology companies in Silicon Valley. Times have changed and after trying to go public in May with a small group of second tier underwriters the deal was put on hold. Lately though we’ve been reading more about an emerging meme that hardware is…

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Palo Alto Networks IPO – bankers take away the upside

UPDATE: Palo Alto Networks has raised their pricing range from $34-$37 to $38-$40 and is expected to price soon (possibly tonight.) Palo Alto Networks is another high quality deal in the strong information security space. (Imperva IMPV, ProofPoint PFPT) are two recent IPO examples.) The basic company positioning is the “reinvention of the firewall” which…

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ServiceNow IPO Notes

Basics – Grade A deal, $186M size at $16 mid-point, some secondary shares (23%), market cap $1.9B, ~10x current revenues,¬†NYSE: NOW. Interesting opening speech by the founder of the company. Notes that the most popular database is Microsoft Excel and that for most people things start with filling out a form. Points out that the…

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Intermolecular gets a new win with First Solar

Intermolecular (IMI) has had a tough time of it so far in the public markets. Their IPO got done below $12-14 range at $10 back in November 2011 and the shares have gone down steadily from there. They bottomed at $5 in March and have drifted up since then to the current $6-7. The company…

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