The company raised about $60 million for 4.4 million shares of common stock priced at $14 per share. SI International will use the funds primarily to pay about $30 million in loans. It's also increasing its revolving credit limit to $35 million, which will add to the cash it has for business investments. On the radar: acquisitions--likely in network engineering or E-learning--that will add value to its government IT offerings, a spokesman says. Since SI International was formed in 1998, it has grown to $147.8 million in annual revenue through four acquisitions and organic growth.
1 min read
Yes, Virginia, There Is A Tech IPO
What? An initial public offering from a high-tech company? It's true. Last week, SI International, which sells software and network systems to the federal government, went public on the Nasdaq National Market.