Document management outfit Documentum Inc, whose book value was $7.6m at the end of 1995, has filed to go public with an initial offering of 1.8m shares, at $12 to $14 a share, expecting to raise about $20.7m for general corporate purposes. Existing stockholders (including Xerox Corp, which currently holds 37.9%) will retain 86.6% of the company’s stock after the offering. Incorporated in Delaware in January 1990, the company operated as a wholly-owned subsidiary of Xerox Corp until October 1993 and garnered $13.5m venture funding in three rounds to the end of 1994 (UX No 516). 1995 was Documentum’s first profitable year; it reported net profits of $514,000 against 1994 losses of $1.9m, on turnover that rose 145.4% to $25.5m for the year. At the end of 1995 the company had an accumulated debt of $6.7m. 1995 license revenues generated $5.1m, 30% of that from Xerox and its affiliates. International license revenues 26% of total sales. The company’s Enterprise Document Management System (EDMS) is a family of object-oriented, client/server document software product. Documentun, which says it has 100 EDMS users and has unveiled an Internet product strategy called Accelera, counts its competition as market-leader Saros Corp, Interleaf Inc and Metaphase Technology Inc. It has 174 employees 75 in sales and marketing, 23 in customer support, 52 in product development and 24 in finance and administration. – at eleven US and three European locations. Jeffrey Miller is president and CEO.
