Marketo Inc., a software maker that raised more than $100 million in venture capital, plans an initial public offering after the U.S. presidential election in November, founder and Chief Executive Officer Phil Fernandez said.
“The time to do it is after the elections, when we’re going to see a quieting of the public markets,” Fernandez said in a telephone interview today. “In the next few months we’re spending a lot of time on cultures and value, and getting ready to be on the playing field under the bright lights.”
The San Mateo, California-based company, which sells software for marketing automation and sales effectiveness, would use the proceeds to build its business and acquire technology, Fernandez said. While Marketo previously signaled it plans an IPO, the company said today for the first time it will wait until after the November election.
Intensifying concern over Europe’s sovereign-debt crisis and a global economic slowdown have damped IPOs around the world in recent months, making this year’s second quarter the slowest for initial sales since 2009.
Facebook Inc. (FB:US) sank last month following its own $16 billion offering, a record for a technology company. Still, some Internet-based software companies, including ServiceNow Inc., have announced plans to enter public markets.
Marketo has $50 million from its last funding round in November, led by Battery Ventures, and isn’t planning further private financing, Fernandez said.
Fernandez has been adding analytics and social-marketing capabilities to the company’s software to set Marketo apart from competitors, including Vienna, Virginia-based Eloqua.
He listed IPOs at three other companies he helped build: E.piphany, Red Brick Systems and Masstor Systems Corp.
E.piphany was acquired by SSA Global Technologies, now part of Infor Global Solutions Inc. Red Brick was acquired by Ascential Software Corp., which became part of International Business Machines Corp. Masstor was delisted from the over-the- counter market in 2009, according to data compiled by Bloomberg.
To contact the reporter on this story: Sarah Frier in New York at email@example.com
To contact the editor responsible for this story: Tom Giles at firstname.lastname@example.org