Tuesday, August 5

Convio decides not to take company public

I've been told that Gene Austin at Convio sent out an email to clients this morning explaining that they "have chosen not to remain on file with the Securities and Exchange Commission to become a public company. Simply put, good companies don't go public in bad markets."

He also points out that Convio "processed $377 million in online donations on behalf of clients during the first half of 2008."

That's a lot of money.

For those of you that remember, I issued a friendly challenge to Austin earlier this year that if Convio "can process over $820 million for their clients in 2008, I will reveal my secret blogger identity."

2 comments:

Melinda said...

I think they can make it. If they simply do the same amount of donations in the second half of the year as they did in the first half... that gets them to $754 million, right? You half to figure that the holidays are a bigger time for charities... so $900 million would seem possible by that estimate.

RE sucks too said...

is it really because of a "bad market" or because no one was interested in buying stcok in their company?