This week Eloqua became a publically traded company (ELOQ) on the Nasdaq with an opening price of $12.02 per share. The company sold eight million shares in a price range of $10 – $12 per share.
Eloqua is going public after ExactTarget Inc. (ET), Bazaarvoice Inc. (BV) and ServiceNow Inc. completed IPOs in the past six months. Eloqua’s chief rival, Marketo, has said it will look to go public after the U.S. presidential election in November.
In 2011, Eloqua’s revenue increased 40% to $71 million, though the company posted a net loss of $6.2 million, compared with a net loss of $1.5 million in 2010. In the first six months of 2012, Eloqua’s revenue increased 42% to $45 million, although the company reported a net loss of $5.5 million, compared with a loss of $3.5 million in the first half of the prior year. Sales and marketing costs increased 28 percent in the first six months of 2012 to $17.52 million. That, along with a litigation settlement, led to a $5.5 million net loss in the first half of the year, compared with a net loss of $3.5 million a year earlier.
Eloqua has over 1,000 customers that include Adobe Systems Inc. (ADBE), American Express Co. (AXP), and VMware Inc. (VMW), and Dell.
Eloqua is poised to benefit as companies spend more money trying to convert leads into customers according to Chris Fletcher, an analyst at Gartner Inc. “You’re getting better and better insight about the quality of the new business opportunity stream coming into your company,” said Fletcher. “You can use the analytic tools to get some idea or make a prediction on the revenue in coming quarters.”