ExactTarget files for $100 million IPO

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Email marketing company ExactTarget filed for a $100 million initial public offering (IPO) on Nov. 23. The company plans to go public in 2012, according to documents filed with the U.S. Securities and Exchange Commission.

ExactTarget accrued $148 million in revenue through the first nine months of 2011, growing 55% compared with the prior year. The company said in a regulatory filing that it experienced 43 consecutive quarters of sequential revenue growth since December 2000. Subscription revenue accounted for 83% of the company's total revenue for the period.

“The growth in subscription revenue over the period was attributable to new direct client additions, a larger base of renewal clients, increases in revenue associated with our international operations and increases in utilization above contracted levels,” the company said in the filing.

Recurring subscription revenue rose by 51% year-over-year to $114.9 million. ExactTarget's subscription renewal rate for the period reached 110%.

ExactTarget operated at a net loss of $29.3 million during the first nine months of the year. The Indianapolis, Ind.-based company increased its spending on sales and marketing by 59% year-over-year to $68.2 million for the period.

ExactTarget filed for an $86.25 million IPO in late 2007 but withdrew from the process in 2009. Last year, the company acquired social media management company CoTweet and Australian email marketing firm mPath Global.

As of Sept. 30, ExactTarget counted more than 4,600 direct clients, including Microsoft Corp., Groupon, Tommy Hilfiger and Ally Financial, and 1,062 full-time employees.
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