Bladelogic IPO Expected This Week

Data center automation software provider BladeLogic Inc. is hoping to raise $45 million in its initial public offering Wednesday. SEC filings indicate the company will offer 5 million shares at a range of $12 to $14 a share. Bladelogic will trade on NASDAQ under the symbol BLOG.

The five-year old Waltham, Mass. company announced its IPO plans in April. The company has raised $29 million in four rounds of financing from investors including Battery Ventures,Bessemer Venture Partners, Globespan Capital Ventures and MK Capital. Of the 5 million shares being sold, 3.94 million are being offered by the company and 1.06 million are offered by selling shareholders. Bladelogic expects to use $5.9 million of the IPO proceeds to redeem all shares of its Series A preferred stock.

Bladelogic has been the subject of takeover talk in ths past, some of which has focused on EMC, which bought virtualization software specialist VMWare. But Bladelogic could wind up as an acquirer as well, noting in its S1 filing that it will use some of the IPO proceeds for "potential funding of strategic acquisitions or investments."

The company isn't profitable, but has had strong revenue growth. Bladgelogic had revenue of $27.1 million in the six months ended March 31, 2007, more than double the $12.2 million from the equivalent year-earlier period, with a net loss of $200,000. Bladelogic says it has approximately 200 customers, including ten of the Fortune Global 50 companies.