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 It's looking like the initial public offerings of Rosetta Stone Inc. (NYSE:RST) and Bridgepoint Education Inc. NYSE:BPI) may well be the rays of light showing through the dam of backlogged venture-backed technology companies waiting to go out.LogMeIn Inc. certainly hopes so, as it took the step of setting terms for a $100 million IPO in a regulatory filing Tuesday. The Woburn, Mass.-based company expects to offer 6.7 million shares at a price range of $14.00 to $16.00 during the week of June 29. The S-1 filing lists Prism Venture Partners (23.79%), Polaris Venture Partners (20.99%), Technologieholding Central and Eastern European Funds (15.83), Integral Capital Partners (8.91%) and Intel Capital (5.43%) as the largest stakeholders. A successful offering by LogMeIn will be a big test of just how much appetite for growth plays the public markets have. While the company is profitable, it only became so in the first quarter of this year, posting a profit of $2.1 million on revenue of $17.2 million. The provider of remote connectivity software for enterprises and consumers reported a net loss in 2008, although revenue grew quickly, doubling to $51.7 million last year. The offering could be helped along by a successful debut of Medidata Solutions Worldwide the week before. Like LogMeIn, Medidata is a growth story. It only posted its first profit of $1.7 million in the first quarter of 2009 but has top-line growth of 67% year-over-year. Medidata, which provides a technology platform for capturing and managing clinical trial data, wants to raise $76 million by selling 6.3 million shares at a price range of $11.00 to $13.00. The Medidata IPO could mark another home run for venture capital firm Insight Venture Partners, which reaped roughly 4.5 times its $50 million investment in network management software developer SolarWinds Inc. when the company went public in May. (The Deal Pipeline subscribers can read more about SolarWind's IPO here.) - George White See LogMeIn's S-1 filing See Deal magazine story on the IPO market See The Deal Pipeline story on Medidata (subscription required) See The Deal Pipeline story on Solarwind (subscription required)
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