Together since 2007

Transforming money management to make financial markets accessible to all

Acquired since 2021

Enabling the human right of mobility to all

Acquired since 2017

Introducing Zero Trust mechanisms for a truly sale environment

Acquired since 1994

Introduced cyber security to the mass business market

Together since 2010

Harnessing the power of artificial vision to transform the lives of visually impaired

Together since 2020

Digital Learning Platform designed to optimize student engagement and learning outcome

Together since 2019

AI-driven end-to-end Fix & Flip platform

Together since 2021

First drone delivery service focused in the US suburbs.

Acquired by DG 2007

Global provider of digital advertising solutions that optimize the use of media, creative and data for enhanced performance.

Together since 2010

Leading investment house in Israel, managing over 77 Billion Dollars for private, business and institutional clients

Together since 2016

Developing and commercializing novel endovascular treatments for stroke

Together since 2012

Developing percutaneous implantable technologies for patients with chronic heart failure

CrossWorlds seeks to build brand name with IPO cash

NEW YORK – CrossWorlds Software Inc. (NASDAQ:CWLD), an e-business infrastructure software provider which went public on Thursday, said its initial public offering is the first step to building strong brand recognition, both in the U.S. and abroad. The Burlingame, Calif.-based company, which raised $40 million from its IPO, said it will use the proceeds for sales and marketing and also seeks to take advantage of its customer base to spread word of its services.

“We have over 40 customers who have made significant commitment relating to both product and our services and uses them as part of their key infrastructure,” Chief Executive Alfred Amoroso told Reuters.

CrossWorlds’ customers include international chemicals firm DuPont Co., manufacturer Ingersoll-Rand Co. and automotive supplier Delphi Automotive Systems Corp. “We give (customers) a platform that allows them to integrate their internal operations and extend that across the firewall to the Internet,” said Amoroso, describing the company’s business. For the three months ended March 31, the company posted revenues of $7.7 million for a net loss of $10.6 million.

Amoroso, who said that 25 percent of the firm’s revenue comes from operations in Europe, expects the company to grow abroad.

“We’re focused on the UK, Germany (and are) getting into France and the Netherlands,” Amoroso said.

“Since we’re a platform that is part of a company’s infrastructure, many of our customers have worldwide operations that we actually control,” he said. The company’s shares closed up 1/8 to 10-1/8 in trading on the NASDAQ. With almost 25 million shares outstanding after the IPO, the company has a market capitalization of about $253 million. CrossWorlds sold 4 million shares at $10 each through lead underwriter Chase H&Q. The price band for the deal was cut to $10 to $12 a share from $14 to $16 a share on Thursday.

Copyright 2000 Reuters Securities.