Tuesday, February 15, 2011
Active Network Files For IPO
San Diego-based Active Network has filed for an IPO, saying in its S-1 that it is looking to raise up to $150M. The firm's IPO is being underwritten by BofA Merrill Lynch, Citi, Allen & Company LLC, Stifel Nicolaus Weisel, RBC Capital Markets, ThinkEquity LLC, and WR Hambrecht+Co. Active Network operates a network of online sports registration, community activity and group sites, and other related Internet services. The firm is venture backed by ESPN, Canaan partners, ABS Ventures, as well as others. The firm said it had a net loss of 37.8M on revenues of $242.8M in 2009, and a net loss of $18.18M on revenues of $218.0M for the nine months ended September 30, 2010.