Information Tech Software Firm Altiris Files For IPO

Altiris Compaq Computer Ingram Micro

Altiris plans to use the net proceeds for working capital and general corporate purposes, including research and development and direct sales expansion, it said on Monday in a filing with the Securities and Exchange Commission.

The money may also go toward acquisitions but the company said it does not currently have any commitments in place.

The Lindon, Utah-based company did not disclose in the preliminary prospectus how many common shares are being offered or the price range, but that information is expected to come in later filings.

It was also not immediately known when the company will debut, but Altiris has applied for a Nasdaq listing under the symbol "ATRS".

The initial public stock sale is being handled by Credit Suisse First Boston, Deutsche Banc Alex Brown and UBS Warburg.

Altiris began operations in 1996 as the software division of KeyLabs, a privately held independent software quality and e-commerce testing company.

Its operations have mainly been funded by Canopy Group , a Utah-based management and resource company and its principal stockholders.

Altiris posted total revenue of $34.5 million in 2001, up from $10 million in 2000, the filing said.

Sales to Compaq accounted for 24 percent of total revenue in 2001 and 19 percent in 2000, while sales to Ingram Micro made up 9 percent in 2001 and 22 percent the year before that.

Although revenue has risen in recent quarters, Altiris said it has not yet been profitable and is carrying an accumulated deficit of $23.4 million as of Dec. 31, 2001.

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