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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.
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.

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.

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