Jun 5, 2009 - company has already 7 employees and some options ..... people, we'll all come down evenly, it will be kind
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Equity in start-ups start ups A Case Study and some data Hervé Lebret June 5 5, 2009
As a fast track: Google
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The Case Study A fictitious example
Founders
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A professor advises his PhD Student to create a start-up as the results of the research are promising promising. The professor knows an experienced business person who h iis ready d to jjoin. i How should they split equity?
Founders equity split
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There is no single g answer. An equal split could be the initial idea idea, then should be taken into account: - past contribution, - future commitment & expertise / credibility, - reverse vesting ti should h ld exist i t (i (i.e. if someone stops t activity, ti it he keeps a pro-rata of a 4-5 year commitment), - the money invested is a dangerous element and should be left to future financing rounds, - when IP belongs to a university, there will be a license which usually includes some equity to academic institution.
Founders pie calculator
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htt // http://www.andrew.cmu.edu/user/fd0n/35%20Founders'%20Pie%20Calculator.htm d d / /fd0 /35%20F d '%20Pi %20C l l t ht
Weight
PhD
Prof.
Idea
7
8
2
Bus. Plan
2
1
3
6
Expertise /credibility
5
2
3
5
Commitment/ C it t/ responsabilities
7
4
2
4
Risk
7
5
Total
280
131
49
100
47%
18%
36%
Split
Biz.
5
This was an exercise only only, and after a negotiation they agree on the next table:
Founders equity split
f f f
Title
Name
CTO Chief Scientist VP Bus. Dev
PhD Professor Biz
Total
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Ownership Shares Founder's Founder's 45.0% 4'500'000 25.0% 2'500'000 2 500 000 30.0% 3'000'000 100 0% 100.0%
10'000'000 10 000 000
The VC round
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The founders need resources and g go to a VC they y know. The VC proposes $1M for 40% of the company and asks also for a 20% ESOP plan. The VC will receive “preferred” shares (i.e. with special rights). ESOP is the employee stock option plan. When an employee exercises his option, he receives “common” shares (similar to founder shares). The company has already 7 employees and some options are granted (outstanding) (outstanding).
Round A equity split
f f f
Title
Name
CTO Chief Scientist VP Bus. Bus Dev
PhD Professor Biz
Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Totall - company Investors (VCs, not management) Investors (others) Total- Investors Total Number of employees
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Ownership Number of shares/stock Founder's Series A Founder's Series A 45.0% 18.0% 4'500'000 4'500'000 25.0% 10.0% 2'500'000 2'500'000 30 0% 30.0% 12 0% 12.0% 3'000'000 3 000 000 3'000'000 3 000 000 100.0%
40.0%
10'000'000
10'000'000
100 0% 100.0%
40 0% 40.0%
10'000'000 10 000 000
54.6%
4.0% 16.0% 20.0% 60.0%
1'000'000 4'000'000 5'000'000 15'000'000 ' '
40.0%
10'000'000
24.1%
40.0% 100.0%
10'000'000 25'000'000
2
7
The B & C round
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It is very usual to see additional rounds of financing called B and C rounds. Each round will have its own size, valuation and price per share. VC rounds
Round
Date
Amount
Seed / A B C Total
mai-07 jan-08 oct-09
$1'000'000 $10'000'000 $15'000'000 $26'000'000
# Shares
Price per Ownership (approx.) share 10'000'000 $0.10 40.0% 9'090'909 $1.10 25.0% 4'155'844 $3.61 10.0% 23'246'753
Employee stock
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The CEO will usually be around 5-10% just before the IPO IPO. The VPs will be in the 0 0.5%-2% 5% 2% range range. The stock Th t k option ti plan l is i kept k t to t a level l l which hi h enables bl attracting new managers & employees (usually 2030% including common shares of non non-founders) founders) The vesting Th ti period i d iis 4 years with ith 1 year cliff. liff There may be a fiscal impact related to vesting and exercise.
Round B-C equity split f f f
Title
Name
CTO Chief Scientist VP Bus. Dev CEO VP S&M VP Eng. VP Prods CFO
PhD Professor Biz
Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total Total - PreIPO Number of employees
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Ownership Number of shares/stock Founder's Series A Series B PreIPO /C Founder's Series A Series B PreIPO /C 45.0% 18.0% 12.4% 10.8% 4'500'000 4'500'000 4'500'000 4'500'000 25 0% 25.0% 10 0% 10.0% 6 9% 6.9% 6 0% 6.0% 2'500'000 2 500 000 2'500'000 2 500 000 2'500'000 2 500 000 2'500'000 2 500 000 30.0% 12.0% 8.3% 7.2% 3'000'000 3'000'000 3'000'000 3'000'000 8.3% 7.2% 3'000'000 3'000'000 1.9% 1.7% 700'000 700'000 1.0% 400'000 1.0% 400'000 0 5% 0.5% 200'000 200 000 100.0%
40.0%
37.7%
35.4%
100.0%
40.0%
37.7%
54.6%
4.0% 16.0% 20.0% 60.0%
5.7% 4.1% 9.8% 47.5%
40.0%
52.5%
24.1%
40 0% 40.0% 100.0%
2
7
10'000'000
10'000'000
13'700'000
35.4%
10'000'000
13'700'000
14'700'000 14'700'000
6.0% 2.7% 8.7% 44.1%
1'000'000 4'000'000 5'000'000 15'000'000
2'072'727 1'500'000 3'572'727 17'272'727
2'500'000 1'111'688 3'611'688 18'311'688
10'000'000
19'090'909
52 5% 52.5% 100.0%
45.9% 10.0% 55 9% 55.9% 100.0%
10 000 000 10'000'000 25'000'000
19 090 909 19'090'909 36'363'636
19'090'909 4'155'844 23'246'753 23 246 753 41'558'441
25
70
Remarks: - The founder’s ownership numbers represent the ratio they own compared to other employees on row Total-company Total company and the ratio they own compared to employees and investors in Total-pre IPO. - Non-founder employee shares and options is maintained to 20% in this case.
IPO
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The company goes public when revenues and growth th are steady. t d Th The company raises i additional dditi l money to further grow. It also brings liquidity to founders and investors. In 2000 (and over the past 22 years), if the IPO is successful, the average gave: - a CEO stock value will be $6-8M. $ - a VP stock is around $1M - and d employees l h have iin average $100k $100k.
The iinvestment b Th bank k takes k a6 6-8% 8% ffee on the h amount raised.
IPO capitalization table Ac tivity Town, St f= founder D = direc tor
f f f
High-Tech Lausanne, CH Pric e per share Symbol
Title
Name
CTO Chief Scientist VP Bus. Dev CEO VP S&M VP Eng. VP Prods CFO
PhD Professor Biz
Company IPO date Market cap. URL
$200 CSSA
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CS 6-juin-10 $908'9 35'086 www c s-sa www.c s-sa.
Inc orporation State Date years to IPO
CH oct-06 37 3.7
Owners hip Number of shares /stoc k Founder's Series A Series B PreIPO /C Pos t IPO Founder's Series A Series B PreIPO /C Post IPO 45.0% 18.0% 12 .4 % 10.8% 9.9% 450' 000 450'00 0 450' 000 450'0 00 450 '000 25.0% 10.0% 6 .9 % 6.0% 5.5% 250' 000 250'00 0 250' 000 250'0 00 250 '000 30.0% 12.0% 8 .2 % 7.2% 6.6% 300' 000 300'00 0 300' 000 300'0 00 300 '000 8 .2 2% 7 2% 7.2% 6 6% 6.6% 300' 000 300'0 00 300 '000 1 .9 % 1.7% 1.5% 70' 000 70'0 00 70 '000 1.0% 0.9% 40'0 00 40 '000 1.0% 0.9% 40'0 00 40 '000 0.5% 0.4% 20'0 00 20 '000
Officers & executives Oth common Other Total common before options Opti ons-outs tanding Opti ons-Avai lable Opti ons-Total Total - company Investors (VCs, not management) Investors (others) Total- Inves tors Total - PreIPO IPO Opti on (underwri ters) Total outstanding
100.0%
40.0%
37 .7 %
35.4%
32.3%
100.0%
40.0% 4.0% 16.0% 20.0% 60.0%
37 .7 % 5 .7 % 4 .1 % 9 .8 % 47 .5 %
35.4% 6.0% 2.7% 8.7% 44.1%
40.0%
52 .5 %
40.0% 100.0%
52 .5 % 100 .0 %
45.9% 10.0% 55.9% 100.0%
54.6%
24.1%
22.0%
Number of employees * The difference b etween common shares and options is very small. In this c as e, the number of n on-founder shares and ESOP is maintained to 20% of the c ompany at each VC round
2
7 IPO
25
70
Total cash before fees Paid to underwri ters Others Net s old by company s old by sh areholders Total shares sold Option to underwriters
1'000' 000
1' 000'00 0
1'370' 000
1'470'0 00 1'470'0 00 250'0 00 111'1 68 361'1 68 1'831'1 68
1'470 '000 1'470 '000 250 '000 150 '000 400 '000 1'870 '000
32.3% 5.5% 3.3% 8.8% 41.1%
1' 000'00 0 100'00 0 400'00 0 500'00 0 1' 500'00 0
1'370' 000 207' 273 150' 000 357' 273 1'727' 273
42.0% 9.1% 51.2% 92.3% 7.7% 0.0% 1 00.0%
1' 000'00 0
1'909' 091 1'909' 091 3'636' 364
1'909'0 91 415'5 84 2'324'6 75 4'155'8 43
1'909 '091 415 '584 2'324 '675 4'194 '675 350 '000
1' 000'00 0 2' 500'00 0
3'636' 364
4'155'8 43
4'544 '675
Value $ 90'000 '000 $ 50'000 '000 $ 60'000 '000 $ 60'000 '000 $ 14'000 '000 $8'000 '000 $8'000 '000 $4'000 '000 $2 94'000 '000 $2 94'000 '000 $ 50'000 '000 $ 30'000 '000 $ 80'000 '000 $3 74'000 '000 $3 81'818 '200 $ 83'116 '886 $4 64'935 '086 $8 38'935 '086 $ 70'000 '000 $0 $9 08'935 '086
200 $70'0 00'000 $4'9 00'000 $6 00'000 $64 '500'00 0 350' 000 100' 000 450' 000 -
Revenues 200 9 2 008 Amount $10 0'000'0 00 $ 20'000 '000 Growth 400 % Number of empl oyees 200 Avg . val. of s tock p er emp $250 '000
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Equity Split: It’s a culture… culture
A quote on valuation & founders
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Don Valentine – founder of Sequoia
“When people come as a team (usually it is three or four people and typically heavyweight on engineering), ) it is a complex process. But I think all off us have seen it in the earlier days, times when I can remember saying, "Well, look, we'll put up all the money, you put up all the blood, sweat and tears and we'll split the company", this with the founders. Then if we have to hire more people, we'll all come down evenly, it will be kind of a 50/50 arrangement. Well,, as this bubble got g bigger gg and bigger, gg , yyou know,, they y were coming g and saying, "Well, you know, we'll give you, for all the money, 5 percent, 10 percent of the deal." And, you know, that it's a supply and demand thing. It's gone back the other way now. now But, But in starting with a team team, it's it s a typical thing to say, well, somewhere 40 to 60 percent, to divide it now. If they've got the best thing since sliced bread and you think they have it and they think they have itit, you know know, then you'll you ll probably lose the deal because one of these guys will grab it.” Transcript of oral panel – the Pioneers of Venture Capital – September 2002
More quotes “How to be Silicon Valley?” y Few startups happen in Miami, for example, because although it's full of rich people, it has few nerds. It's not the kind of place nerds like. Whereas Pittsburgh has the opposite problem: plenty of nerds, but no rich people. Paul Graham (Y-combinator) http://www.paulgraham.com/ “Look around who the heroes are. They aren’t lawyers, nor are they even so much the financiers. They’re the guys who start companies” Robert Noyce (founder of Intel)
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Readings In the Company of Giants Rama Dev Jager and Rafael Ortiz 1997
Founders at Work Jessica Livingston 2007
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Betting It All Mi h l S Michael S. M Malone l 2001
Once You're Lucky, Twice You're Good: Sarah Lacy 008 2008
As a conclusion: Google Activity Town, St f= founder D= director Title f f
Pres. Prod Pres. tech CEO SVP Sales VP Eng. Legal Counsel CFO VP prod. Manag VP Bus. Ops
Internet search Price per share Symbol
$80 GOOG
Google 1-août-04 $22'921'832'480 www.google.com
Incorporation State Date years to IPO
CA, DE sept-98 5.9
Name
Founder s Founder's Employee PreIPO Post IPO Founder's Founder s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Larry Page 50.0% 19.5% 14.4% 13.4% 38'490'304 38'490'304 38'490'304 38'490'304 $3'079'224'320 Sergey brin 50.0% 19.5% 14.4% 13.4% 38'490'304 38'490'304 38'490'304 38'490'304 $3'079'224'320 Eric Schmidt 7.5% 5.5% 5.2% 14'758'600 14'758'600 14'758'600 $1'180'688'000 Omid Kordestani Wayne Rosing David C. C Drummond George Reyes Jonathan J. Rosenberg Shona L. Brown -
Officers & executives Total common before options Options-outstanding Options outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Stanford Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding NB: the difference between common and options could not be established precisely VCs KP Sequoia
Company IPO date Market cap. URL
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100.0% 83.9%
46.5%
34.4%
32.0%
76'980'608
91'739'208
91'739'208
91'739'208
$7'339'136'640
46.5%
34.4%
32.0%
91'739'208
91'739'208
91'739'208
$7'339'136'640
53 5% 53.5%
39 5% 39.5%
36 8% 36.8%
105'557'098
39.5% 73.9%
36.8% 68.9%
105'557'098 197'296'306
105'557'098 105'557'098 197'296'306
$8'444'567'840
53.5% 100.0%
105'557'098 105'557'098 197'296'306
$8'444'567'840 $15'783'704'480
2.3%
17.9% 0.7%
16.7% 0.6%
28.8%
26.1% 100.0%
24.3% 93.2%
47'787'600 1'842'000 19'997'000 69'626'600 266'922'906
47'787'600 1'842'000 19'997'000 69'626'600 266'922'906
$3'823'008'000 $147'360'000 $1'599'760'000 $5'570'128'000 $21'353'832'480
6.8%
19'600'000
$1'568'000'000
100.0%
286'522'906
$22'921'832'480
39.0%
26.9%
Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A B C Total
Date
$1'568'000'000 Revenues Amount
$1'568'000'000 19'600'000
2002 $439'000'000 234% 2'500 $3'377'827
19'600'000 Amount
oct.98 May 99 May 01
2003 $1'465'000'000 Growth Number of employees Avg. val. of stock per emp
$960'000 $25'000'000 $15'000'000 $40'960'000
# Shares 15'360'000 47'787'600 6'479'000 69'626'600
Price per share
Valuation $0.06 $0.52 $2.32
Ownership (approx) $5'771'288 16.6% $73'307'829 34.1% $339'420'917 4.4%
As a conclusion: Genentech Same model for biotech
Activity Town, St f= founder D= director Title
fD CEO fD VP VP Finance VP Marketing VP Gen VP, Gen. Counsel
Biotechnology South San Francisco. CA Price per share $35.0 Symbol GENE/DNA
Name Robert Swanson Herbert Boyer Fred Middleton Robert Byrnes Thomas Kiley
Company IPO date Market cap. URL
Genentech Inc. Oct-80 $261'523'570 www.genentech.com
2 0% 2.0%
Officers & executives
Options-outstanding (Series B *) p Options-Available Options-Total Total - company Investors (KP) Investors (Lubriziol) Investors (Others) Total- Investors Total - PreIPO
0 9% 0.9%
60'000 60 000
60'000 60 000
$2'100'000 $2 100 000
29.5%
25.6%
1'910'000
1'910'000
1'910'000
$66'850'000
68.0%
27.3% 91.5%
12.5% 42.0%
10.8% 36.4%
810'602 2'720'602
810'602 2'720'602
810'602 2'720'602
$28'371'070 $95'221'070
62.2%
1.7% 6.8% 8.5% 100.0%
0.8% 3.1% 3.9% 45.9%
0.7% 2.7% 3.4% 39.8%
49'750 201'750 251'500 2'972'102
49'750 201'750 251'500 2'972'102
49'750 201'750 251'500 2'972'102
$1'741'250 $ $7'061'250 $8'802'500 $104'023'570
14.5% 24.0% 15.5% 54.1% 100 0% 100.0%
12.6% 20.8% 13.5% 46.8% 86 6% 86.6%
938'800 1'555'200 1'006'000 3'500'000 6'472'102
938'800 1'555'200 1'006'000 3'500'000 6'472'102
$32'858'000 $54'432'000 $35'210'000 $122'500'000 $226'523'570
13.4%
1'000'000
$35'000'000
100.0%
7'472'102
$261'523'570
24.8% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
KP (Chairman) Lubrizol
* ESOP was a Series B preferred stock mechanism
VCs
Round
KP Wilmington Lubriziol
Seed (KP) A A
Date
$35'000'000 $2'250'000 $2 250 000 $32'750'000 1'000'000
Revenues 1979 Amount $3'405'804 $3 405 804 Growth 298% Number of employees Avg. val. of stock per emp
1'000'000 Amount
Apr-78 Sep-79
1'850'000
60'000 60 000
64.3%
28 6% 28.6%
Total outstanding
0 8% 0.8%
100.0%
IPO
VCs Tom Perkins Donald Murflin
Incorporation State CA Date Apr-76 years to IPO 4.5
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 31.1% 14.3% 12.4% 925'000 925'000 925'000 925'000 $32'375'000 50.0% 31.1% 14.3% 12.4% 925'000 925'000 925'000 925'000 $32'375'000
Other common Total common before options
D D
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$200'000 $500'000 $10'000'000
# Shares
Price per Valuation Ownership share 938'000 $0.21 $594'456 34% 250'000 $2.00 $6'076'000 8% 1'000'000 $10.00 $40'380'000 25%
1978 $856 335 $856'335 112 $268'860
Appendix: More cap. tables
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Company
Slide
Topic
Slide
Google
19
MIPS
30
Genentech
20
Netscape
31
Apple
22
Numerical Tech.
32
Actelion
23
Oracle
33
ARM
24
Rambus
34
Atheros
25
Riverbed
35
C Cypress
26
S Sun
36
eBay
27
Vertex
37
Logitech
28
Virata
38
Microsoft
29
Yahoo
39
Sources: High-Tech Start-up, J. Nesheim (Free Press, 2000), personal data, & more on www.startup-book.com
Apple Computer Activity Town, St f= founder D= director Title
f f
Computers Cupertino, CA Price per share Symbol Name
Founder's Ownership 65.4% 34.6%
Officers & executives Other common Total common before options Options-outstanding O ti Options-Available A il bl Options-Total Total - company
PreIPO Ownership 12.6% 13.5% 5.0% 7.1% 10.5%
janv-77 3.9
Post IPO Founder's Employee PreIPO Post IPO Value Ownership Shares Shares Shares Shares 11.2% 7'029'448 7'029'448 7'029'448 $154'647'856 12.0% 7'542'448 7'542'448 7'542'448 7'542'448 $165'933'856 4.5% 2'810'232 2'810'232 2'810'232 $61'825'104 6.4% 3'989'231 3'989'231 3'989'231 3'989'231 $87'763'082 9.3% 5'853'312 5'853'312 5'853'312 $128'772'864
59.5%
48.7%
43.4%
27'224'671
27'224'671
27'224'671
$598'942'762
28.8%
23.0% 71.8%
20.5% 63.9%
12'860'963 40'085'634
12'860'963 40'085'634
12'860'963 40'085'634
$282'941'186 $881'883'948
12.4%
10.1%
5'652'600
12.4% 100.0%
10.1% 81.9%
9.0% 4.5% 4 5% 13.6% 77.5%
5'652'600 5'652'600 45'738'234
5'652'600 2'852'600 8'505'200 48'590'834
$124'357'200 $62'757'200 $187'114'400 $1'068'998'348
7.8% 10.3% 18.1% 100 0% 100.0%
7.0% 9.2% 16.2% 93 6% 93.6%
4'375'816 5'753'882 10'129'698 55'867'932 55 867 932
4'375'816 5'753'882 10'129'698 58'720'532 58 720 532
$96'267'952 $126'585'404 $222'853'356 $1'291'851'704 $1 291 851 704
6.4%
4'000'000
$88'000'000
100.0%
62'720'532
$1'379'851'704
18.4% IPO
Incorporation State Date years to IPO
28.1% 87.6%
20 6% 20.6%
IPO Option (underwriters) Total outstanding
Employee Ownership 15.4% 16.5% 6.1% 8.7% 12.8%
Apple Computers 12-déc-80 $1'379'851'704 www.apple.com
100.0%
25.2%
Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO
VCs Sequoia
Company IPO date Market cap. URL
$22
Chairman, EVP V. Chairman, VP Pres, CEO VP Others
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Total cash before fees Paid to underwriters Others Net Shares sold by company Shares sold by shareholders Total shares sold p to underwriters Option
11'531'679
5'652'600 45'738'234
$101'200'000 $5'980'000 $5 980 000 $661'600 94'558'400 4'000'000 600'000 4'600'000 -
Revenues LTM LQ Amount $117'900'000 $41'500'000 Growth 146% 109% Number of employees 1'015 Avg. val. of stock per emp $401'279
Actelion Activity Town, St f= founder D= director
Biopharma Allschwill, CH Price per share Symbol
Title
Name
f f f f f
CEO Research Corp Ops Clinical Dev. CFO
Jean Paul Clozel Walter Fischli Thomas Widmann Isaac Kobrin Andre Mueller Martine Clozel
D
Founding team* Chairman
Robert Cawthorn
Officers & executives Other common Total common before options p Options-outstanding Options-founders Options-Total Total - company Investors (VCs, not management) Investors (others) Total Investors TotalTotal - PreIPO IPO Option (underwriters) Total outstanding VCs Atlas Sofinnova 3i * there is uncertainty on the numbers these are options to founders only common shares specifics not known
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SFr. 260.0 SWX: ATLN
Company IPO date Market cap. URL
Founder's Ownership
Employee Ownership
PreIPO Ownership
Actelion 6-avr-00 SFr. 1'363'403'600 www.actelion.com
Incorporation State CH Date déc-97 years to IPO 2.3
Post IPO Ownership
Employee Shares
Founder's Shares
PreIPO Shares
Post IPO Shares
Value
100.0% 0.0%
51.9% 2.6%
14.1% 0.7%
11.4% 0.6%
600'000
600'000 30'000
600'000 30'000
600'000 30'000
SFr. 156'000'000 SFr. 7'800'000
100.0%
54.5%
14.8%
12.0%
600'000
630'000
630'000
630'000
SFr. 163'800'000
88.7%
4.0% 58.5%
1.1% 15.9%
0.9% 12.9%
46'200 676'200
46'200 676'200
46'200 676'200
SFr. 12'012'000 SFr. 175'812'000
51.9%
15.6% 25.9% 41.5% 100.0%
4.2% 7.1% 11.3% 27.2%
3.4% 5.7% 9.2% 22.0%
180'000 300'000 480'000 1'156'200
180'000 300'000 480'000 1'156'200
180'000 300'000 480'000 1'156'200
SFr. 46'800'000 SFr. 78'000'000 SFr. 124'800'000 SFr. 300'612'000
72.8% 0.0% 72 8% 72.8% 100.0%
58.9% 0.0% 58 9% 58.9% 80.9%
3'087'660
3'087'660
SFr. 802'791'600
3'087'660 4'243'860
3'087'660 4'243'860
SFr 802'791'600 SFr. SFr. 1'103'403'600
19.1%
1'000'000
SFr. 260'000'000
100.0%
5'243'860
SFr. 1'363'403'600
14.1%
11.4% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
VCs
Round A B Total
SFr. 260'000'000
SFr. 246'600'000 1'000'000
Revenues 2000 1999 Amount SFr. 31'523'000 SFr. 2'800'000 Growth 1026% Number of employees 146 Avg. val. of stock per emp SFr. 402'822
1'000'000 -
Date 1998 1999
Price per Amount # Shares share SFr. 18'000'000 1818000 SFr. 9.9 SFr. 38'000'000 1503060 SFr. 25.3 SFr. 56'000'000 3321060
Ownership Valuation (approx.) SFr. 23'940'594 SFr. 99'131'292
75% 38%
Arm Holdings Activity Town, St f= founder D= director
f
Microprocessors Cambridge, UK Price per share Symbol
Title
Name
Chairman, CEO COO
Robin Saxby Jamie Urquhart
£5.75 ARMH
Officers & executives Other O h common Total common before options Options-outstanding Options-Available Options-Total Total - company Acorn Apple Others Total- Investors Total - PreIPO
© Service des relations industrielles©(SRI) EPFL
Company IPO date Market cap. URL
Arm Holdings 17-avr-98 £302'021'729 www.arm.com
Employee PreIPO Post IPO Ownership Ownership Ownership 10.2% 3.6% 3.1% 1.8% 0.6% 0.6%
ARM is allowed to issue 10% of common shares as options. 1'500'000 was chosen to fit the rule
Employee PreIPO Post IPO Value Shares Shares Shares 1'632'000 1'632'000 1'632'000 £9'384'000 295'200 295'200 295'200 £1'697'400
12.1% 54.7% 54 7% 66.8%
4.2% 19.2% 19 2% 23.4%
3.7% 16.6% 16 6% 20.3%
1'927'200 8'744'020 10'671'220
1'927'200 8'744'020 10'671'220
1'927'200 8'744'020 10'671'220
£11'081'400 £50'278'115 £61'359'515
23.8% 9.4% 33.2% 100.0%
8.3% 3.3% 11.6% 35.0%
7.3% 2.9% 10.1% 30.4%
3'811'889 1'500'000 5'311'889 15'983'109
3'811'889 1'500'000 5'311'889 15'983'109
3'811'889 1'500'000 5'311'889 15'983'109
£21'918'362 £8'625'000 £30'543'362 £91'902'877
25.3% 25 3% 15.9%
22.0% 22 0% 13.8%
65.0% 100.0%
56.5% 86.9%
11'561'961 7'261'961 10'851'078 29'675'000 45'658'109
11'561'961 7'261'961 10'851'078 29'675'000 45'658'109
£66'481'276 £41'756'276 £62'393'699 £170'631'250 £262'534'127
13.1%
6'867'409
£39'487'602
100.0%
52'525'518
£302'021'729
IPO Option (underwriters) Total outstanding
Arm was created as a JV between Apple, Acorn and VLSI
Incorporation State UK Date oct-90 years to IPO 7.5
Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
£39'487'602
£39'487'602 6'867'409 6'867'409 -
Revenues 1998 Amount £42'268'000 Growth 59% Number of employees Avg. val. of stock per emp
1997 £26'580'000 300 £240'655
Atheros Activity Town, St f= founder D= director Title f ex-CEO, consultant fD Chair CEO VP Eng. VP Ops VP Sales former CEO
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Semiconductor - wireless Sunnyvale, CA Price per share $14.0 Symbol ATHR Name Theresa Meng John Hennessy Craig Barratt Richard Bahr Ranendu Das Tom Foster Redelfs
Company IPO date Market cap. URL
Atheros 18-févr-04 $1'026'721'598 www.atheros.com
Incorporation State DE Date mai-98 years to IPO 5.8
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value O Ownership hi O Ownership hi O Ownership hi O Ownership hi Sh Shares Sh Shares Sh Shares Sh Shares 83.6% 12.4% 6.5% 5.6% 4'085'000 4'085'000 4'085'000 4'085'000 $57'190'000 16.4% 2.4% 1.3% 1.1% 800'000 800'000 800'000 800'000 $11'200'000 7.0% 3.7% 3.1% 2'300'000 2'300'000 2'300'000 $32'200'000 3.1% 1.6% 1.4% 1'035'000 1'035'000 1'035'000 $14'490'000 1.7% 0.9% 0.8% 570'960 570'960 570'960 $7'993'440 1.4% 0.7% 0.6% 445'000 445'000 445'000 $6'230'000 6 9% 6.9% 3 6% 3.6% 3 1% 3.1% 2'283'000 2 283 000 2'283'000 2 283 000 2'283'000 2 283 000 $31'962'000 $31 962 000
Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total T t l - company Total Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO
100.0%
35.0%
18.3%
15.7%
11'518'960
11'518'960
11'518'960
$161'265'440
24.1%
26.7% 61.6%
13.9% 32.2%
12.0% 27.7%
8'782'961 20'301'921
8'782'961 20'301'921
8'782'961 20'301'921
$122'961'454 $284'226'894
14 8% 14.8%
0.0% 0.0% 38.4% 100 0% 100.0%
14.6% 5.4% 20.1% 52 3% 52.3%
12.6% 4.7% 17.2% 44 9% 44.9%
9'222'244 3'416'512 12'638'756 32'940'677
9'222'244 3'416'512 12'638'756 32'940'677
9'222'244 3'416'512 12'638'756 32'940'677
$129'111'416 $47'831'168 $176'942'584 $461'169'478
47.7% 0.0% 47.7% 100.0%
41.0% 0.0% 41.0% 85.9%
30'046'580
30'046'580 30'046'580 62'987'257
$420'652'120 $0 $420'652'120 $881'821'598
10'350'000
$144'900'000 $0 $1'026'721'598
7.8%
IPO Option (underwriters) T t l outstanding Total t t di
Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters VCs
30'046'580 62'987'257
14.1% 0.0% 100 0% 100.0%
6 7% 6.7%
VCs NEA Foundation August
4'885'000
Round
A B C Total Series A
Date
may99 mars.00 apr01
73'337'257 $144'900'000 Revenues 2003 Amount $87'400'000 Growth 294% Number of employees Avg. val. of stock per emp
$134'757'000 10'350'000
2002 $22'200'000 171 $1'474'110
10'350'000 Amount
# Shares
$6'025'000 12'050'000 $ $25'300'000 7'676'014 $66'670'856 10'320'566 $97'995'586 30'046'580 Series B Series C Total NEA 4'329'292 464'683 4'793'975 Foundation 5'000'000 1'327'506 1'547'988 7'875'494 August 5'000'000 1'327'506 464'396 6'791'902 3'095'975 Fidelity Mt. Vernon Trust 3'095'975
Price per share $0.50 $ $3.30 $6.46
Final Ownersip Ownership at round (wo ESOP) $8'467'500 71% 19.1% $ $81'117'446 31% 12.2% $225'658'007 30% 16.4% 47.7%
Valuation
Cypress Semiconductor Activity Town, St f= founder D= director Title f f f f f f
Semicon San Jose, Ca Price per share Symbol Name
Pres, CEO VP S&M VP Manuf. VP Fab. VP R&D VP Eng. CFO Others
Company IPO date Market cap. URL
$9 CY Founder's Ownership 33.5% 13.3% 13.3% 13.3% 13 3% 13.3% 13.3%
Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company
Post IPO Founder's Employee PreIPO Post IPO Value Ownership Shares Shares Shares Shares 2.1% 754'666 754'666 754'666 754'666 $6'791'994 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0 9% 0.9% 300'000 300 000 300'000 300 000 300'000 300 000 300'000 300 000 $2'700'000 $2 700 000 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0.4% 155'625 155'625 155'625 $1'400'625 0.8% 290'132 290'132 290'132 $2'611'188
100.0%
40.3%
10.3%
7.7%
2'700'423
2'700'423
2'700'423
$24'303'807
50.4%
26.5% 66.8%
6.7% 17.0%
5.0% 12.7%
1'774'992 4'475'415
1'774'992 4'475'415
1'774'992 4'475'415
$15'974'928 $ $40'278'735
33.2%
8.5%
2'225'415
33.2% 100.0%
8.5% 25.5%
6.3% 4.2% 10.5% 23.2%
2'225'415 2'225'415 6'700'830
2'225'415 1'474'585 3'700'000 8'175'415
$20'028'735 $13'271'265 $33'300'000 $73'578'735
54.2% 2.9% 17.4% 74.5% 100.0%
40.4% 2.1% 13.0% 55.6% 78.7%
14'265'444 750'000 4'590'067 19'605'511 26'306'341
14'265'444 750'000 4'590'067 19'605'511 27'780'926
$128'388'996 $6'750'000 $41'310'603 $176'449'599 $250'028'334
7'500'000 35'280'926 35 280 926
$67'500'000
2'254'666
2'225'415 6'700'830
21.3% 6 4% 6.4% IPO
déc-82 3.5
PreIPO Ownership 2.9% 1.1% 1.1% 1.1% 1 1% 1.1% 1.1% 0.6% 1.1%
8.6%
IPO Option (underwriters) Total outstanding
Incorporation State Date years to IPO
Employee Ownership 11.3% 4.5% 4.5% 4.5% 4 5% 4.5% 4.5% 2.3% 4.3%
33.6%
Investors (VCs, not management) Monolithic Memories Investors (others) Total- Investors Total - PreIPO
Cypress Semicon 29-mai-86 $317'528'334
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100 0% 100.0% Total cash before fees Paid to underwriters Others Net y company p y Shares sold by Shares sold by shareholders Total shares sold Option to underwriters
$67'500'000 $4'200'000 $500'000 $62'800'000 7'500'000 7'500'000 -
Revenues LTM Amount $16'600'000 Growth 412% Number of employees p y Avg. val. of stock per emp
$317'528'334 $317 528 334
LQ $8'900'000 218% 340 $105'893
Ebay Inc. Activity Town, St f= founder D= director Title fD Chairman D Pres, CEO SVP Mark. f VP Strat Planning VP Prod Dev VP Mark & Bus Dev CFO VP Legal
© Service des relations industrielles©(SRI) EPFL
Internet auction site San Jose, CA Price per share $18 Symbol EBAY Name Omidyar Whitman Swette Skoll Wilson Westly Bengler Jacobson
Officers & executives Total common before options Opt o s outsta d g Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
eBay 23-sept-98 $914'667'318 www.ebay.com
Incorporation State CA, DE Date mai-96 years to IPO 2.4
Founder's Founder s Employee PreIPO Post IPO Founder's Founder s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 59.9% 40.7% 32.5% 30.0% 15'229'425 15'229'425 15'229'425 15'229'425 $274'129'650 6.4% 5.1% 4.7% 2'400'000 2'400'000 2'400'000 $43'200'000 1.6% 1.3% 1.2% 600'000 600'000 600'000 $10'800'000 40.1% 27.3% 21.8% 20.1% 10'200'000 10'200'000 10'200'000 10'200'000 $183'600'000 2.4% 1.9% 1.8% 900'000 900'000 900'000 $16'200'000 2.3% 1.8% 1.7% 864'000 864'000 864'000 $15'552'000 1.4% 1.1% 1.0% 525'000 525'000 525'000 $9'450'000 0.7% 0.5% 0.5% 250'002 250'002 250'002 $4'500'036 30'968'427
30'968'427
30'968'427
$557'431'686
60.9%
30'968'427
30'968'427
30'968'427
$557'431'686
2.8% 8% 9.9% 12.6% 73.6%
1'410'315 03 5 5'007'748 6'418'063 37'386'490
1'410'315 03 5 5'007'748 6'418'063 37'386'490
1'410'315 03 5 5'007'748 6'418'063 37'386'490
$ 5 385 6 0 $25'385'670 $90'139'464 $115'525'134 $672'956'820
8'791'836 622'250 9'414'086 46'800'576
8'791'836 622'250 9'414'086 46'800'576
$158'253'048 $11'200'500 $169'453'548 $842'410'368
3'489'275 525'000 50'814'851
$62'806'950 $9'450'000 $914'667'318
100.0%
82.8%
66.2%
60.9%
82.1%
82.8%
66.2%
68.0%
3 8% 3.8% 13.4% 17.2% 100.0%
3 0% 3.0% 10.7% 13.7% 79.9% 18.8% 1.3% 20.1% 100.0%
17.3% 1.2% 18.5% 92.1%
54.3%
Kagle
VCs
25'429'425
6.9% 1.0% 100.0%
50.0% IPO
VCs Benchmark
Company IPO date Market cap. URL
Total cash before fees Paid to underwriters Others Net Shares sold by company Shares sold by shareholders Total shares sold Option to underwriters
$63'000'000 $4'410'000 $ $975'000 $57'615'000 3'489'275 10'725 3'500'000 525'000
Round
Date
Amount
Seed / A B B extension Total
Dec96 June97 May98
$15'000 $3'000'000 $1'992'000 $5'007'000
Revenues 6m-98 Amount $14'900'000 Growth 776% Number of employees Avg. val. of stock per emp
# Shares
6m-97 $1'700'000 76 $334'022
Price per Valuation Ownership share (approx.) 4'500'000 $0.00 $15'000 3'000'000 $1.00 $28'429'425 11% 1'200'000 $1.66 $49'184'846 4% 8'700'000
Logitech Activity Town, St f= founder D= director
Comupter devices Apples, CH Price per share Symbol
Title
Name
CEO, chair Vice chair
Daniel Borel Pierluigi Zappacosta
VP finance GM Far East
Barry Zwarenstein Erh-Hsun Chang
GM Europe
Marc M. Chatel
SVP Bus Divs
Rory Dooley
VP Info
Patrick W. Brubeck
VP Sales
Vladimir M. Langer
VP Scanner Div
Dominique Pitteloud
© Service des relations industrielles©(SRI) EPFL
$160.0 LOGI
Company IPO date * Market cap. URL
Logitech 27-mars-97 $419'801'280 www.logitech.com
Incorporation State Switzerland Date janv-81 years to IPO 16.2
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 52.9% 10.0% 10.0% 9.3% 243'205 243'205 243'205 243'205 $38'912'800 47.1% 8.9% 8.9% 8.3% 216'500 216'500 216'500 216'500 $34'640'000
Held in treasury t eas Officers & executives Other common Total common before options Options-outstanding Options - available Options-Total Options Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs
* Logitech went public in Switzerland in 1988 The US shares were 10x a Swiss shares i.e. at $16 / share
100.0%
6 1% 6.1% 25.1%
6 1% 6.1% 25.1%
5 6% 5.6% 23.1%
25.5%
49.3% 74.3%
49.3% 74.3%
19.0%
9.2% 16.5% 25 7% 25.7% 100.0%
19.0%
147'537 607'242
147'537 607'242
147'537 607'242
$23'605'920 $97'158'720
45.5% 68.7%
1'194'446 1'801'688
1'194'446 1'801'688
1'194'446 1'801'688
$191'111'360 $288'270'080
9.2% 16.5% 25 7% 25.7% 100.0%
8.5% 15.2% 23 7% 23.7% 92.4%
222'070 400'000 622'070 622 070 2'423'758
222'070 400'000 622'070 622 070 2'423'758
222'070 400'000 622'070 622 070 2'423'758
$35'531'200 $64'000'000 $99'531'200 $99 531 200 $387'801'280
0.0% 0.0% 0.0% 100.0%
0.0% 0.0% 0.0% 92.4%
2'423'758
2'423'758
$0 $0 $0 $387'801'280
200'000
$32'000'000 $ $0 $419'801'280
459'705
7.6% 0.0% 100.0%
17.5% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
2'623'758 $32'000'000 $5'400'000 $26'600'000 200'000 200'000 -
Revenues 1997 (mar) Amount $413'000'000 Growth 16% Number of employees Avg. val. of stock per emp
1996 $355'000'000 2'995 $75'674
Microsoft Activity Town, St f= founder D= director Title f f
Microcomputer software Redmonf, WA Price per share $21.0 Symbol MSFT Name
CEO EVP-left VP Sys SW COO VP Aps SW VP CDROM VP Intl VP COM VP HW Dev CFO Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs
© Service des relations industrielles©(SRI) EPFL
Company IPO date Market cap. URL
Microsoft 13-mars-86 $586'665'786 www.microsoft.com
Incorporation State Date years to IPO
janv-75 11.2
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 63.7% 46.8% 44.2% 40.2% 11'222'000 11'222'000 11'222'000 11'222'000 $235'662'000 36.3% 26.6% 25.2% 22.9% 6'390'000 6'390'000 6'390'000 6'390'000 $134'190'000 7.1% 6.7% 6.1% 1'710'001 1'710'001 1'710'001 $35'910'021 1.7% 1.6% 1.4% 400'000 400'000 400'000 $8'400'000
100.0%
0.7% 82.8%
0.6% 78.3%
0.6% 71.2%
82.6%
6.0% 88.8%
5.7% 83.9%
73 4% 73.4%
11.2% 0.0% 11.2% 100 0% 100.0%
69.3%
158'001 19'880'002
158'001 19'880'002
158'001 19'880'002
$3'318'021 $417'480'042
5.1% 76.3%
1'435'111 21'315'113
1'435'111 21'315'113
1'435'111 21'315'113
$30'137'331 $447'617'373
10.6% 0.0% 10.6% 94 5% 94.5%
9.6% 1.9% 11.5% 87 8% 87.8%
2'681'457
2'681'457 2'681'457 23'996'570 23 996 570
2'681'457 539'896 3'221'353 24'536'466 24 536 466
$56'310'597 $11'337'816 $67'648'413 $515'265'786 $515 265 786
5.4% 0.1% 5.5% 100.0%
4.9% 0.1% 5.0% 92.8%
1'378'901 21'099 1'400'000 25'396'570
1'378'901 21'099 1'400'000 25'936'466
$28'956'921 $443'079 $29'400'000 $544'665'786
2'000'000
$42'000'000 $0 $586'665'786
17'612'000
2'681'457 23 996 570 23'996'570
7.2% 0.0% 100.0%
63.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
27'936'466 $58'695'000 $3'661'450 $541'000 $54'492'550 2'000'000 795'000 2'795'000 -
Revenues LTM Amount $140'400'000 Growth 44% Number of employees Avg. val. of stock per emp
LQ $49'900'000 35% 998 $86'621
MIPS Computer Systems Activity Town, St f= founder D= director Title
f f f f
RISC computers Sunnyvale, CA Price per share Symbol Name
Chair, Pres, CEO C. Scientist VP Dev. Prog. VP VLSI (left) Director EVP Field Ops SVP Eng Manuf VP International VP Legal Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VC?
Confusion on management shares There could be too high a number by 277'450 Founders John Hennessy John Moussouris Robert Wall
Company IPO date Market cap. URL
$17.5
Founder's Ownership 29.1% 29.1% 29.1% 12 8% 12.8%
100.0% 18.0%
11.7%
6.6%
MIPS Computer 21-déc-89 $432'652'500
© Service des relations industrielles©(SRI) EPFL
Incorporation State Date years to IPO
août-84 5.3
Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares 2.5% 1.4% 1.2% 295'654 295'654 295'654 $5'173'945 3.4% 1.9% 1.6% 400'000 400'000 400'000 400'000 $7'000'000 3.4% 1.9% 1.6% 400'000 400'000 400'000 400'000 $7'000'000 3.4% 1.9% 1.6% 400'000 400'000 400'000 400'000 $7'000'000 1 5% 1.5% 0 8% 0.8% 0 7% 0.7% 176'338 176'338 176'338 176'338 $3'085'915 1.1% 0.6% 0.5% 127'000 127'000 127'000 $2'222'500 0.8% 0.5% 0.4% 94'000 94'000 94'000 $1'645'000 0.3% 0.2% 0.1% 31'250 31'250 31'250 $546'875 0.2% 0.1% 0.1% 25'200 25'200 25'200 $441'000 6.4% 3.6% 3.0% 750'625 750'625 750'625 $13'135'938 2'700'067 2'700'067 $47'251'173 22.9% 13.0% 10.9% 1'376'338 2'700'067 41.8% 64.7%
23.8% 36.8%
20.0% 30.9%
4'934'951 7'635'018
4'934'951 7'635'018
4'934'951 7'635'018
$86'361'643 $133'612'815
35.3%
20.0%
16.8%
4'163'147
4'163'147
4'163'147
$72'855'073
35.3% 100.0%
20.0% 56.8%
16.8% 47.7%
4'163'147 11'798'165
4'163'147 11'798'165
4'163'147 11'798'165
$72'855'073 $206'467'888
22.6% 20.6% 43.2% 100.0%
19.0% 17.3% 36.3% 84.0%
4'696'531 4'278'304 8'974'835 20'773'000
4'696'531 4'278'304 8'974'835 20'773'000
$82'189'293 $74'870'320 $157'059'613 $363'527'500
3'950'000
$69'125'000 $0 $432'652'500
16.0% 0.0% 100 0% 100.0%
5 6% 5.6% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
24'723'000 $80'500'000 $5'198'000 $900'000 74402000 3'950'000 3 950 000 650'000 4'600'000 -
Revenues LTM Amount $39'400'000 Growth 183% Number of employees Avg. val. of stock per emp
LQ $17'500'000 141% 592 $268'947
Netscape Communications Activity Town, St f= founder D= director Title
Internet SW Mountain View CA Price per share Symbol Name
fD Chairman Clark D Pres. CEO Barksdale fD VP Tech Andreessen VP Eng Schell VP Mark Homer VP Sales Rulon-Miller VP GM Int. Sha CFO Currie Gen Coun Katz VP HR Malefyt Officers & executives
$28 NSCP
Netscape 5-août-95 $1'068'520'432 www.netscape.com
Incorporation State Date years to IPO
avr-94 1.3
Founder's Founder s Employee PreIPO Post IPO Founder Founder's s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 90.7% 41.2% 30.0% 25.5% 9'720'000 9'720'000 9'720'000 9'720'000 $272'160'000 17.0% 12.3% 10.5% 4'000'000 4'000'000 4'000'000 $112'000'000 9.3% 4.2% 3.1% 2.6% 1'000'000 1'000'000 1'000'000 1'000'000 $28'000'000 1.7% 1.2% 1.0% 400'000 400'000 400'000 $11'200'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 1.7% 1.2% 1.0% 400'000 400'000 400'000 $11'200'000 2.5% 1.9% 1.6% 600'000 600'000 600'000 $16'800'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 100.0% 73.4% 53.4% 45.4% 10'720'000 17'320'000 17'320'000 17'320'000 $484'960'000
Other common Oth Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs (VCs, not management) Total- Investors Total - PreIPO
48.1%
21.1% 21 1% 94.5%
15.4% 15 4% 68.8%
13.0% 13 0% 58.4%
4'976'328 22'296'328
4'976'328 22'296'328
4'976'328 22'296'328
$139'337'184 $624'297'184
45.4%
3.6% 1.9% 5.5% 100.0%
2.6% 1.4% 4.0% 72.8%
2.2% 1.2% 3.4% 61.8%
855'000 443'672 1'298'672 23'595'000
855'000 443'672 1'298'672 23'595'000
855'000 443'672 1'298'672 23'595'000
$23'940'000 $12'422'816 $36'362'816 $660'660'000
27.2% 27 2% 27.2% 100.0%
23.1% 23 1% 23.1% 84.9%
8 816 444 8'816'444 8'816'444 32'411'444
8 816 444 8'816'444 8'816'444 32'411'444
$246 860 432 $246'860'432 $246'860'432 $907'520'432
5'000'000 750'000 38'161'444
$140'000'000 $21'000'000 $1'068'520'432
33.1%
IPO Option (underwriters) Total outstanding VCs Kleiner Perkins
Company IPO date Market cap. URL
© Service des relations industrielles©(SRI) EPFL
13.1% 2.0% 100.0%
28.1% IPO
Total cash before fees Paid to underwriters Others Net Shares sold by company Option to underwriters VCs
Round
Date
Seed / A B C Total
May 94 avr.95
$140'000'000 $9'800'000 $900'000 $129'300'000 5'000'000 750'000 Amount $3'113'250 $6'428'750 $18'000'000 $27'542'000
Revenues $16'600'000 Date 6m-95 Growth 39% Number of employees Avg. val. of stock per emp # Shares
$11'900'000 3m-95 257 $635'320
Price per Valuation Ownership share (approx.) 4'151'000 $0.75 $11'153'250 28% 2'857'222 $2.25 $39'888'500 16% 2'000'000 $9.00 $177'554'000 10% 9'008'222
Numerical Technologies Activity Town, St f= founder D= director Title fD Pres, CEO fD CTO CFO VP Mark., Bus.Dev. D D Professor D Professor f f founder, left VP Eng.
EDA Software and Tech. San Jose, CA Price per share $14.0 Symbol NMTC Name Y. Pati Y.-T. Yang R. Mora A. Sharan N. Gupta T. Kailath A. Ell G Gammall M. Grant Lars Herlitz
Company IPO date Market cap. URL
Numeritech 6-avr-00 $443'675'890 www.numeritech.com
© Service des relations industrielles©(SRI) EPFL
Incorporation State CA, DE Date nov-95 years to IPO 4.4
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 40.3% 18.8% 9.9% 7.9% 1'755'000 2'518'500 2'518'500 2'518'500 $35'259'000 32.0% 15.6% 8.3% 6.6% 1'395'000 2'092'500 2'092'500 2'092'500 $29'295'000 0.0% 3.1% 1.6% 1.3% 412'500 412'500 412'500 $5'775'000 0.0% 3.1% 1.6% 1.3% 412'500 412'500 412'500 $5'775'000 3.4% 7.1% 3.7% 3.0% 150'000 948'414 948'414 948'414 $13'277'796 16.6% 8.0% 4.2% 3.4% 722'220 1'066'914 1'066'914 1'066'914 $14'936'796 3 % 3.4% 4.8% 8% 2 % 2.5% 2 0% 2.0% 1 0'000 150'000 6 1'66 641'667 6 1'66 641'667 6 1'66 641'667 $8'983'338 4.2% 1.4% 0.7% 0.6% 185'000 185'000 185'000 185'000 $2'590'000 0.0% 1.9% 1.0% 0.8% 255'000 255'000 255'000 $3'570'000
Officers & executives Other common Total common before options Options-outstanding O d Options-Available Options-Total Total - company Investors (VCs, not management) Transcription Series E Total- Investors Total - PreIPO
100.0%
63.6%
33.7%
26.9%
8'532'995
8'532'995
8'532'995
$119'461'930
45.5%
7.8% 71.5%
4.2% 37.8%
3.3% 30.2%
1'052'635 9'585'630
1'052'635 9'585'630
1'052'635 9'585'630
$14'736'890 $134'198'820
32.5%
5.2% 2% 23.4% 28.5% 100.0%
2 % 2.7% 12.4% 15.1% 53.0%
2.2% 2 2% 9.9% 12.1% 42.3%
69 ' 00 694'500 3'133'916 3'828'416 13'414'046
69 ' 00 694'500 3'133'916 3'828'416 13'414'046
69 ' 00 694'500 3'133'916 3'828'416 13'414'046
$9' 23'000 $9'723'000 $43'874'824 $53'597'824 $187'796'644
32.0% 15.0% 47.0% 100 0% 100.0%
25.6% 12.0% 37.6% 79 9% 79.9%
8'102'995 3'809'994 11'912'989 25'327'035
8'102'995 3'809'994 11'912'989 25'327'035
$113'441'930 $53'339'916 $166'781'846 $354'578'490
6'364'100
$89'097'400 $0 $443'675'890
17 2% 17.2%
IPO Option (underwriters) Total outstanding
20.1% 0.0% 100.0%
13.7% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
VCs Mohr Davidow Index Ventures Goldman Sachs
VCs
4'357'220
Round A B C D Total
Date
$89'097'400
$81'300'000 6'364'100
Revenues 1999 $5'492'000 $ Amount Growth 646% Number of employees Avg. val. of stock per emp
6'364'100 Amount
Dec96 Aug97 Aug98 Aug99
31'691'135
$540'000 $703'500 $7'970'990 $14'123'857 $23'338'347
# Shares 2'250'000 1'050'000 2'445'089 2'357'906 8'102'995
Price per Valuation Ownership share (approx.) (approx.) $0.24 $1'585'733 34% $0.67 $5'130'337 14% $3.26 $32'933'527 24% $5.99 $74'636'688 19%
1998 $736'000 $ 105 $232'951
Oracle Systems Activity Town, St f= founder D= director Title f f
Database software Belmont, CA Price per share Symbol Name
Pres, CEO SVP Dev. VP Sales Intl Employee Employee CFO Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs
© Service des relations industrielles©(SRI) EPFL
Company IPO date Market cap. URL
$15.0 ORCL
Oracle 12-mars-86 $251'352'210 www.oracle.com
Incorporation State Date years to IPO
juin-77 8.8
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 67.2% 33.4% 30.6% 27.5% 4'608'750 4'608'750 4'608'750 4'608'750 $69'131'250 32.8% 16.3% 14.9% 13.4% 2'246'668 2'246'668 2'246'668 2'246'668 $33'700'020 2.4% 2.2% 1.9% 326'000 326'000 326'000 $4'890'000 1.6% 1.5% 1.4% 227'222 227'222 227'222 $3'408'330 1.6% 1.5% 1.3% 220'000 220'000 220'000 $3'300'000 1.0% 0.9% 0.8% 140'000 140'000 140'000 $2'100'000 1.9% 1.7% 1.6% 260'000 260'000 260'000 $3'900'000 100.0%
58.2%
53.4%
47.9%
8'028'640
8'028'640
8'028'640
$120'429'600
64 0% 64.0%
19.5% 77 7% 77.7%
17.9% 71 2% 71.2%
16.1% 64 0% 64.0%
2'690'804 10'719'444
2'690'804 10'719'444
2'690'804 10'719'444
$40'362'060 $160'791'660
20.5% 0.0% 20.5% 91.7%
18.4% 4.2% 22.6% 86.6%
3'082'863
49.7%
22.3% 0.0% 22.3% 100.0%
3'082'863 3'082'863 13'802'307
3'082'863 707'841 3'790'704 14'510'148
$46'242'945 $10'617'615 $56'860'560 $217'652'220
8.3%
7.4%
1'246'666
1'246'666
$18'699'990
8.3% 100.0%
7.4% 94.0%
1'246'666 15'048'973
1'246'666 15'756'814
$18'699'990 $236'352'210
6.0%
1'000'000
$15'000'000
100.0%
16'756'814
$251'352'210
45.6%
40.9% Total cash before fees Paid to underwriters Others Net sold by company y shareholders sold by Total shares sold Option to underwriters
6'855'418
3'082'863 13'802'307
$31'500'000 $2'205'000 $545'000 $28'750'000 1'000'000 1'100'000 2'100'000 -
Revenues LTM Amount $23'100'000 Growth 82% Number of employees Avg. g val. of stock per p emp p
LQ $11'400'000 103% 425 $203'776 $
Rambus Activity Town, St f= founder D= director Title D President, CEO fD Ch. Scientist & VP fD Vice-President CFO VP Bus. B Dev D VP Eng. VP Marketing f Other founders
Semicon IP Los Altos, CA Price per share Symbol Name Geoff Tate Michael Farmwald Mark Horowitz Gary Harmon D id Mooring David M i Allen Roberts Subodh Toprani
Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs MDV KP Dunlevie (now Benchmark)
© Service des relations industrielles©(SRI) EPFL
Company IPO date Market cap. URL
$12.0 RMBS
Rambus Inc 13-mai-97 $304'347'060 www.rambus.com
Incorporation State CA, DE Date mars-90 years to IPO 7.2
Founder's Ownership
Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares 11.1% 5.4% 4.8% 1'209'789 1'209'789 1'209'789 $14'517'468 56.4% 15.0% 7.4% 6.5% 1'639'548 1'639'548 1'639'548 1'639'548 $19'674'576 33.3% 8.9% 4.4% 3.8% 968'365 968'365 968'365 968'365 $11'620'380 1.5% 0.7% 0.6% 160'250 160'250 160'250 $1'923'000 2 8% 2.8% 1 4% 1.4% 1 2% 1.2% 306'500 306'500 306'500 $3'678'000 4.2% 2.1% 1.8% 460'500 460'500 460'500 $5'526'000 1.8% 0.9% 0.8% 195'500 195'500 195'500 $2'346'000 10.3% 2.8% 1.4% 1.2% 300'000 300'000 300'000 300'000 $3'600'000 100.0% 48.1% 23.6% 20.7% 2'907'913 5'240'452 5'240'452 5'240'452 $62'885'424 37.2%
23.7% 23 7% 71.8%
11.6% 11 6% 35.2%
10.2% 10 2% 30.8%
2 583 478 2'583'478 7'823'930
2 583 478 2'583'478 7'823'930
2 583 478 2'583'478 7'823'930
$31 001 736 $31'001'736 $93'887'160
26.7%
22.1% 6.2% 28.2% 100.0%
10.8% 3.0% 13.9% 49.1%
9.5% 2.7% 12.1% 43.0%
2'404'372 674'102 3'078'474 10'902'404
2'404'372 674'102 3'078'474 10'902'404
2'404'372 674'102 3'078'474 10'902'404
$28'852'464 $8'089'224 $36'941'688 $130'828'848
50.9%
44.5%
11'297'351 11 297 351
$135'568'212 $135 568 212
50.9% 100.0%
44.5% 87.5%
11'297'351 22'199'755
11'297'351 11 297 351 11'297'351 22'199'755
12.5%
3'162'500
$37'950'000
100.0%
25'362'255
$304'347'060
13.1%
11.5% Total cash before fees Paid to underwriters Others Net sold by company sold ld b by shareholders h h ld Total shares sold Option to underwriters
$135'568'212 $266'397'060
$37'950'000
$34'117'000 3'162'500 3'162'500 -
Revenues 1997 Amount $26'015'000 Growth 131% Number of employees Avg. val. l off stock k per emp
1996 $11'270'000 139 $430'606 $ 30'606
Riverbed Activity Town, St f= founder D= director Title fD Pres, CEO, Chair fD CTO CFO VP Mark., Bus.Dev. VP Eng. VP Tech Ops. Ops CIO Gen. Councel
© Service des relations industrielles©(SRI) EPFL
Entreprise data mgmt San Francisco, CA Price per share $9.75 Symbol RVBD Name Jerry M. Kennelly Steven McCanne Randy S. Gottfried Eric Wolford Gordon Chaffee Stephen R. R Smoot Harold E. Irvine II Brett A. Nissenberg
Company IPO date Market cap. URL
Riverbed 26-sept-06 $720'049'571 www.riverbed.com
Incorporation State Date years to IPO
DE mai-02 4.4
Founder s Founder's Employee PreIPO Post IPO Founder's Founder s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 30.7% 10.2% 8.1% 5'000'000 6'000'000 6'000'000 6'000'000 $58'500'000 50.0% 30.8% 10.2% 8.2% 5'000'000 6'019'808 6'019'808 6'019'808 $58'693'128 2.8% 0.9% 0.7% 550'000 550'000 550'000 $5'362'500 3.2% 1.1% 0.8% 621'978 621'978 621'978 $6'064'286
Officers & executives Other common Total common before options Opt o s outsta d g Options-outstanding Options-Available Options-Total Total - company
100.0%
67.6%
22.4%
17.9%
13'191'786
13'191'786
13'191'786
$128'619'914
71.9%
18.1% 85.7%
6.0% 28.4%
4.8% 22.6%
3'529'546 16'721'332
3'529'546 16'721'332
3'529'546 16'721'332
$34'413'074 $163'032'987
14.3% 3%
4.7% %
2'798'146 98 6
2'798'146 98 6
14.3% 100.0%
4.7% 33.1%
3 8% 3.8% 6.8% 10.6% 33.2%
2'798'146 19'519'478
2'798'146 19'519'478
2'798'146 98 6 5'000'000 7'798'146 24'519'478
$ $27'281'924 8 9 $48'750'000 $76'031'924 $239'064'911
60.7%
48.5%
66.9% 100.0% 100 0%
53.4% 86.6% 86 6%
35'795'393 3'646'046 39'441'439 58'960'917 58 960 917
35'795'393 3'646'046 39'441'439 63'960'917 63 960 917
$349'005'082 $35'548'949 $384'554'030 $623'618'941 $623 618 941
8'600'000 1'290'321 73'851'238
$83'850'000 $12'580'630 $720'049'571
61.6%
Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO
20 4% 20.4%
IPO Option (underwriters) Total outstanding
11.6% 1.7% 100.0%
16.3% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
VCs Accel Lightspeed UV partners
Round A B C D Total
10'000'000
Date
Amount janv.03 dec03 dec04 feb06
$6'550'000 $9'900'000 $19'900'000 $19'900'000 $56'250'000
$96'430'630
$96'430'630 9'890'321 100'000 9'990'321 1'290'321 # Shares 14'395'604 11'961'721 9'345'796 3'738'318 39'441'439
Revenues 2004 Amount $22'900'000 Growth 816% Number of employees Avg. val. of stock per emp
Price per Valuation Ownership share (approx.) (approx.) $0.455 $11'100'000 59% $0.836 $30'394'724 33% $2.140 $97'804'679 26% $5.350 $264'511'699 8%
2003 $2'500'000 174 $354'569
Sun Microsystems Activity Town, St f= founder D= director Title f f f f
Unix workstations Mountain View, CA Price per share Symbol Name
CEO VP Tech Board director VP R&D EVP VP-SLS VP-FIN VP-EUR Other Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total p y Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs
$16.0 SUNW
Company IPO date Market cap. URL
© Service des relations industrielles©(SRI) EPFL
Sun Microsystems 4-mars-86 $473'018'288 www.sun.com
Incorporation State Date years to IPO
févr-82 4.0
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 24.1% 9.2% 4.4% 3.9% 1'147'263 1'147'263 1'147'263 1'147'263 $18'356'208 33.1% 12.6% 6.1% 5.3% 1'571'093 1'571'093 1'571'093 1'571'093 $25'137'488 24.2% 9.2% 4.4% 3.9% 1'149'011 1'149'011 1'149'011 1'149'011 $18'384'176 18.6% 7.1% 3.4% 3.0% 884'077 884'077 884'077 884'077 $14'145'232 2.7% 1.3% 1.1% 336'875 ' 336'875 ' 336'875 ' $ ' $5'390'000 ' 9.4% 4.5% 4.0% 1'170'248 1'170'248 1'170'248 $18'723'968 100 0% 100.0%
50 2% 50.2%
24 2% 24.2%
21 2% 21.2%
45.2%
34.1% 84.4% 15.6%
16.4% 40.6% 7.5%
15.6% 100.0%
7.5% 48.1%
14.4% 35.6% 6.6% 2.2% 8.8% 44.4%
41.1% 10.8% 51.9% 100.0%
36.0% 9.4% 45.5% 89.9%
38.1%
18.3%
16.1% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
4'751'444 4 751 444
6'258'567 6 258 567
6'258'567 6 258 567
6'258'567 6 258 567
$100'137'072 $100 137 072
4'254'338 10'512'905 1'948'956
4'254'338 10'512'905 1'948'956 1'948'956 12'461'861
4'254'338 10'512'905 1'948'956 660'383 2'609'339 13'122'244
$68'069'408 $168'206'480 $31'183'296 $10'566'128 $41'749'424 $209'955'904
10'654'885 2'786'514 13'441'399 25'903'260
10'654'885 2'786'514 13'441'399 26'563'643
$170'478'160 $44'584'224 $215'062'384 $425'018'288
10.1%
3'000'000
$48'000'000
100.0%
29'563'643
$473'018'288
Revenues LTM Amount $115'200'000 Growth 196% Number of employees Avg. val. of stock per emp
LQ $42'200'000 73% 1'223 $81'155
1'948'956 12'461'861
$64'000'000 $3'920'000 $600'000 $59'480'000 3'000'000 1'000'000 4'000'000 -
Vertex Pharmaceuticals Activity Town, St f= founder D= director Title f
Drug Designer Cambridge, MA Price per share Symbol Name
Pres, CEO VP Bus Dev SR Scientist Other Officers & executives Other common Total common before options Options-outstanding Options-Available Options Total Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs
Company IPO date Market cap. URL
$9.0 VRTX
Vertex Pharma 24-juil-91 $95'742'756 www.vpharm.com
© Service des relations industrielles©(SRI) EPFL
Incorporation State Date janv-89 years to IPO 2.6
Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 100.0% 33.3% 7.8% 4.9% 520'000 520'000 520'000 520'000 $4'680'000 8.1% 1.9% 1.2% 126'999 126'999 126'999 $1'142'991 100.0%
41.4%
9.7%
6.1%
646'999
646'999
646'999
$5'822'991
33.3%
58.6% 100.0%
13.8% 23.5%
8.6% 14.7%
915'343 1'562'342
915'343 1'562'342
915'343 1'562'342
$8'238'087 $14'061'078
23.5%
9.4% 9 4% 9.4% 24.1%
1'562'342
1'562'342
1'000'000 1'000'000 2'562'342
$9'000'000 $9'000'000 $23'061'078
73.5% 3.0% 76.5% 100.0%
45.8% 1.9% 47.7% 71.8%
4'875'742 200'000 5'075'742 6'638'084
4'875'742 200'000 5'075'742 7'638'084
$43'881'678 $1'800'000 $45'681'678 $68'742'756
3'000'000 3 000 000
$27'000'000 $27 000 000 $0 $95'742'756
33.3%
7.8%
100.0%
520'000
28.2% 28 2% 0.0% 100.0%
4.9% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters
10'638'084 $27'000'000 $1'732'500 $600'000 $600 000 $24'667'500 3'000'000 3'000'000 -
Revenues LTM LQ Amount $800'000 $800 000 $0 Growth Not meaningful Number of employees Avg. val. of stock per emp
53 $155'436
Virata Activity Town, St f= founder D= director Title D
CEO CFO D CTO VP Corp Dev fD Chairman fD Professor
© Service des relations industrielles©(SRI) EPFL
Broadband communications Cambridge UK and CA Price per share * $2.1 Symbol VRTA Name Charles Cotton Andrew Vought Martin Jackson Thomas Cooper Hermann Hauser Andrew Hopper
Officers & executives Other common Total common before options Options-outstanding Options Available Options-Available Options-Total Total - company Investors (VCs, not management) Investors (strategic and manag.) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding
VCs Oak NEA 3i Index Securities Oracle Olivetti
Company IPO date Market cap. URL
Incorporation State UK, Del Date juin-93 years to IPO 6.5
Founder's Ownership
Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares 2.3% 1.0% 0.7% 1'082'813 1'082'813 1'082'813 $2'262'594 1.6% 0.7% 0.5% 743'437 743'437 743'437 $1'553'450 1.1% 0.5% 0.4% 537'083 537'083 537'083 $1'122'263 1.2% 0.5% 0.4% 550'833 550'833 550'833 $1'150'994 50.0% 3.5% 1.5% 1.1% 1'500'000 1'632'096 1'632'096 1'632'096 $3'410'350 50.0% 3.3% 1.4% 1.1% 1'500'000 1'562'857 1'562'857 1'562'857 $3'265'671
100.0%
13.0%
5.6%
4.1%
6'109'119
6'109'119
6'109'119
$12'765'323
10.8%
46.4% 59.4%
19.8% 25.4%
14.7% 18.8%
21'754'003 27'863'122
21'754'003 27'863'122
21'754'003 27'863'122
$45'456'126 $58'221'449
40.6%
17.3%
12.8%
19'019'214
19'019'214
19'019'214
$39'741'641
40.6% 100.0%
17.3% 42.8%
12.8% 31.6%
19'019'214 46'882'336
19'019'214 46'882'336
19'019'214 46'882'336
$39'741'641 $97'963'090
38.0% 19.2% 57.2% 100.0%
28.2% 14.2% 42.4% 74.0%
41'720'764 21'058'749 62'779'513 109'661'849
41'720'764 21'058'749 62'779'513 109'661'849
$87'177'716 $44'003'356 $131'181'072 $229'144'162
26 0% 26.0%
38'525'000
$80'500'000
100.0%
148'186'849
$309'644'162
6.4%
2.7%
2.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round
* a stock split was done at IPO in fact the price per share was $14
Virata 17-nov-99 $309'644'162 -
B C D E Total
Date May 96 June 96 June 98 sept.99
3'000'000
$80'500'000 Revenues FY 99 $9'256'000 $ Amount Growth 4% Number of employees Avg. val. of stock per emp
$73'500'000 38'525'000 38'525'000 Amount £3'589'240 $10'000'001 $27'259'027 $8'000'000 $52'950'255
# Shares 5'127'485 6'666'667 24'780'934 6'153'846 36'575'086
Price per share £0.70 $1.50 $1.10 $1.30
FY98 (mar) $ $8'931'000 113 $753'963
Yahoo Activity Town, St f= founder D= director Titl Title
Internet Software Sunnyvale, CA Price per share Symbol N Name
D Pres, CEO Koogle fD Chief Yahoo Yang fD Chief Yahoo Filo SVP Bus Ops Mallett CFO Valenzeula SVP Prod Dev Nazem Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs Sequoia C Corp. Individuals
© Service des relations industrielles©(SRI) EPFL
$13 YHOO
Yahoo 12-avr-96 $481'458'874 www.yahoo.com
Incorporation State Date years to IPO
CA mars-95 1.1
F Founder's d ' Employee E l P IPO Post PreIPO P t IPO Founder's F d ' E Employee l P IPO PreIPO P t IPO Post V l Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 5.5% 3.0% 2.8% 1'025'510 1'025'510 1'025'510 $13'331'630 50.0% 21.3% 11.8% 10.8% 4'003'750 4'003'750 4'003'750 4'003'750 $52'048'750 50.0% 21.3% 11.8% 10.8% 4'003'750 4'003'750 4'003'750 4'003'750 $52'048'750
100.0% 78.0%
42.7%
48.1% 6.6% 54.7% 25.8% 19 5% 19.5% 45.3% 100.0%
23 5% 23.5%
26.5% 3.6% 30.2% 14.2% 10 8% 10.8% 25.0% 55.1% 15.9% 29.0% 44.9% 100 0% 100.0%
21.6% IPO
Moritz
Company IPO date Market cap. URL
24.4% 3.3% 27.7% 13.1% 9 9% 9.9% 23.0% 50.7% 14.6% 26.6% 41.3% 91 9% 91.9% 7.0% 1.1% 100.0%
Total cash before fees Paid to underwriters Oth Others Net Shares sold by company Shares sold by shareholders Total shares sold Option to underwriters VCs
Round A B C Total
Date avr.95 nov.95 mars.96
8'007'500
$33'800'000 $2'366'000 $700'000 30'734'000 2'600'000
9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 3 665 132 8'500'000 18'764'726
9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 3 665 132 8'500'000 18'764'726 5'415'344 9'865'228 15'280'572 34'045'298 34 045 298
9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 3 665 132 8'500'000 18'764'726 5'415'344 9'865'228 15'280'572 34'045'298 34 045 298 2'600'000 390'000 37'035'298
Revenues 6m-95 Amount $1'400'000 N Number b off employees l Avg. val. of stock per emp
2'600'000 390'000 Amount # Shares Price per sharValuation $1'040'000 5'200'000 $0.20 $2'641'500 $5'000'002 2'538'072 $1.97 $31'018'777 $63'750'000 5'100'000 $12.50 $260'569'650 $69'790'002 12'838'072
$117'429'130 $16'012'308 $133'441'438 $62'853'284 $47'646'716 $47 646 716 $110'500'000 $243'941'438 $70'399'472 $128'247'964 $198'647'436 $442'588'874 $442 588 874 $33'800'000 $5'070'000 $481'458'874 Q4 95 $1'100'000 49 $1'609'502