Baltimore Technologies Plc, the Irish-American e-commerce security firm, has released more details on its forthcoming initial public offering. The company plans to raise $150m through the sale of 7.9 million new shares, with an over-allotment option of 1.5 million. The shares on offer will make up 20% of the total outstanding stock after the sale.
Of the $150m, $90 is earmarked for a two-pronged acquisition strategy. Baltimore is looking to acquire critical mass, particularly in the US, where it wants a presence to match its strength in Europe. Likely targets are complementary technology firms with a market capitalization of between $300m and $500m and substantial numbers of staff and customers.
The other area of interest for the company is in new technology markets. CEO Fran Rooney told ComputerWire that providing security for mobile telephony was a significant opportunity, with the market primed for rapid expansion. The global coordinator for the IPO will be Lehman Brothers, which will be joint manager with Merrill Lynch.
