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Going Public
(August 14, 2001) Being a public company may be an exhilarating ride. With all of the attention focused on the glamour days of the IPO craze, you'd be tempted to think that a public offering was a guaranteed key to untold riches (even if they evaporated quickly). The fact is that the market itself is a funding mechanism for companies and that there are a number of ways to skin the cat. Going public offers a company the opportunity to raise money while sharing risk with a range of investors.
Jason Moreau, CEO of CareerExchange and Sonic Recruit is taking his company public on the Canadian exchange. A soft spoken hockey player (somehow, even in Northern California there is still room for sticks in the back of his Volkswagen), Jason is focused on the realities of the marketplace. Simple tools and organic development have taken the company to nearly $1M in sales. The trick? Jason and his team have identified customers and solved their problems.
Freed from the belief that a Recruiting solution has to be complex and all encompassing, the team worries more about whether customers are being cared for than whether the company is a category killer. Part executive and part IT genius, Jason supplies technical direction and execution management. The company simply provides simple and usable tools for solving recruiting problems.
You probably remember E-cruiter.com, the other public company in recruiting that trades on Canadian exchanges. With a stock price that represents a valuation of 12 times sales, E-cruiter is one of the quiet dot com stories. While the big names drove hard, demanded high prices and flamed out early, E-cruiter has been able to maintain most of its market value during these tough times. The 12x multiple is holding and fast becoming a benchmark for valuations of private companies. With a series of clever incremental moves, E-cruiter has expanded its position, acquired additional capacity and nailed down its market segments. We expect to see additional growth (albeit at organic rates) from both of these Canadian offerings.CareerExchange will use the shell of a company called Gentech to move its operations onto the trading floor. The current trading symbol is GEC.V, at some point, pending regulatory approval, the symbol converts to CRX.V. Jason expects to see trading begin sometime in the next couple of weeks.
On a related front, our misunderstanding of the intricacies of the stock market leaves us embarrassed. We described Webhire's stock symbol change as a "delisting" which would mean that they had be "thrown off" the NASDAQ exchange. That was not the case. When Webhire changed its symbol from HIRE to HIRED for several weeks, it was as the result of a requirement to disclose their new stock "reverse split". Our sheepish apologies flow out to the various Webhire execs who went beyond restraint and well into kindness as they took the time to carefully explain themselves. We were impressed by their manners and clarity. - John Sumser © TwoColorHat. All Rights Reserved.
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Materials written
by John Sumser
© TwoColorHat.
All Rights Reserved.