Data Management Company Attunity Aims to Raise $20 million in Nasdaq Offering
Attunity’s software helps clients transfer and analyze large and complex data files across different computer systems and in the cloud
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Israel-base Attunity Ltd., which develops software for managing big data, announced Monday its intention to raise $20 million in a stock offering.
Nasdaq. Photo: Bloomberg
Nasdaq. Photo: Bloomberg The company’s software helps clients transfer and analyze large and complex data files across different computer systems and in the cloud. Founded in 1988, Attunity filed for an initial public offering in 1992.
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Nasdaq-listed Attunity is offering 2,963,000 shares, at $6.75 per share.
Nasdaq. Photo: Bloomberg Attunity will use the funds raised in the new offering, which is set to close Thursday, to increase its sales and marketing activities and to invest in research and development, the company said in a statement. The money is also intended for acquisitions and working capital.
Attunity’s share price crashed at the beginning of 2016 after the company reported its results for the final quarter of 2015 along with forecasts for 2016 that fell far below the expectations of market analysts. The company has failed to turn a profit since and has reported losses in each subsequent quarter.
The stock price dropped from a height of $16 to $5.5 and has since climbed to $7. In 2016, the company reported revenues of $54.4 million with net losses of $6.9 million. For the first three quarters of 2017, Attunity reported $59.4 million in revenues and $5.3 million in net losses.
