Nonprofit CRM provider Convio has withdrawn its proposed initial public offering, nearly a year after it first registered with the Securities and Exchange Commission.
“Good companies don’t need to go public in bad markets,” said Tad Druart, a spokesman for Convio, who said that the company filed the paperwork to withdraw its IPO registration on Tuesday morning.
On Monday, Convio reported strong second quarter financial results, putting it “in good shape as a private company,” said Druart. The company will likely revisit the possibility of an IPO “when it makes sense for shareholders and clients,” he continued.
For the three months ended June 30, Convio’s revenues totaled $14.7 million, a 35% increase over the same period last year. Also during the second quarter, Convio’s subscription and services revenue grew by 30% over the same period last year driven by increased demand from new clients, renewals of clients and selling additional modules and services to existing clients. Usage revenue for the period grew by 62%, driven by significant new fundraising events and overall growth in existing events. Convio processed $377 million in online donations on behalf of clients during the first half of 2008 — a 100% increase over the same period a year ago.
During the second quarter, Convio signed new clients such as Boys and Girls Club of America and Susan G. Komen for the Cure.
