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Employee recognition SaaS company Globoforce withdraws IPO

By: Renaissance Capital
Posted: 3/21/2014 8:14:00 AM
Referenced Stocks: THNX

Globoforce, which provides cloud-based employee recognition software solutions to enterprises, withdrew its plans for an initial public offering on Friday citing market conditions. Globoforce dropped its price range and decreased the number of shares offered yesterday, lowering the proposed deal size by 26%. It was expected to price last night.

The Dublin, Ireland-based company was founded in 1997 and booked $187 million in sales for the fiscal year ended December 31, 2013. Globoforce initially filed confidentially on January 9, 2013. J.P. Morgan, Credit Suisse, UBS and Stifel were set to be the joint bookrunners on the deal.

In our Upcoming IPOs Poll , Globoforce had not been voted the hottest deal, but it did receive the most votes out of the group.