Magazine article American Banker

EDI Software Developer to Issue Stock

Magazine article American Banker

EDI Software Developer to Issue Stock

Article excerpt

TSI International Software Ltd., a developer of electronic data interchange software, has filed a registration statement for an initial public offering expected to raise as much as $27 million.

The company is one of a growing number of electronic commerce players betting investors will be receptive to their businesses.

"The markets are coming alive," with first-time stock offerings from electronic commerce firms, said Gary Craft, analyst at San Francisco-based Robertson, Stephens & Co..

He anticipates a crush of new offerings will hit the market in the coming months because "accessing capital markets will be important for them for credibility and visibility."

This is particularly so for companies like Wilton, Conn.-based TSI that provide technology for electronic commerce between businesses.

TSI plans to issue three million shares of stock. Initially, shares are expected to fetch between $7 and $9. Robertson Stephens, Soundview Financial Group Inc., and Wessels Arnold & Henderson are leading the deal. The capital TSI amasses could go to acquisitions or to paying down its bank debt, according to its prospectus. Both endeavors are important to the company, whose main line of business is crowded and considered ripe for consolidation.

Having capital in hand would help TSI to control its destiny in a looming shakeout.

Electronic data interchange-the computerized exchange of business documents, and sometimes payments, in standard formats-generated nearly $1 billion in technology investments from banks and corporations last year, according to Neeraj K. …

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