Newspaper article The Florida Times Union

Jacksonville-Based Website Pros Planning to Go Public

Newspaper article The Florida Times Union

Jacksonville-Based Website Pros Planning to Go Public

Article excerpt

Byline: Mark Basch

Website Pros Inc., a Jacksonville-based company that provides Web design and services for small and medium-sized businesses, is planning to go public.

The company filed a registration statement on April 27 to sell up to $70 million in stock through an underwriting group led by Friedman Billings Ramsey. Website Pros intends to list its stock in the Nasdaq market under the ticker symbol "WSPI."

According to the registration statement filed with the Securities and Exchange Commission, Website Pros earned $1 million last year on revenue of $23.4 million.

The company has 43,000 customers and says it has a target market of more than 21 million small and medium-sized businesses that need help setting up and maintaining Internet Web sites. So the six-year-old company has a strong opportunity for growth.

Website Pros has 337 full-time employees, according to the filing, but it did not say how many of those workers are in Jacksonville. In addition to its headquarters office on the Southside, it has additional offices in Spokane, Wash., Manassas, Va., and Los Angeles, the filing said.

The company is owned by a group led by affiliates of Insight Venture Partners, a New York investment firm, that owns 40.3 percent of the stock. Affiliates of Norwest Venture Partners of Palo Alto, Calif., own 21.2 percent.

The filing does not say what percentage of the stock will be sold in its initial public offering.


Ponte Vedra Beach-based Global Axcess Corp. has executed a reverse stock split in which investors received one share of common stock for every five shares they previously owned. The company, which operates automated teller machine networks, also changed its ticker symbol from "GLXS" to "GAXC." The stock trades on the over-the-counter bulletin board.

The split reduces the number of shares outstanding from about 91 million to 18.2 million. The stock had been trading near 30 cents a share before the April 27 announcement but with the reverse split, the stock was listed at $1.60 at the beginning of last week.

"We believe the reverse stock split will position GAXC's shares in a price range that is more attractive to a broad range of institutional investors. …

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