WESTMINSTER, Colo.--(BUSINESS WIRE)--February 20, 2001- Don't plan Requisite Technology into your portfolio just yet. The content management company announced today that, due to current market conditions, it has filed a request with the Securities and Exchange Commission (SEC) to withdraw the registration statement relating to its initial public offering of common stock.
The company's hesitancy to enter the market comes as a surprise considering their impressive financial backing. Requisite Technology announced in November 2000 that it had secured $30 million in strategic funding from Oracle Corp., SAP AG and three current investors, bringing total capital invested in Requisite to $75 million.
In a statement concerning the withdrawal, CEO (as of February 2, 2001) Louis Faust III, said, "We recognize that current market conditions would not make for a favorable initial public offering. With solid backing from industry leaders and a growing customer base, Requisite will pursue its strategic initiatives this year, including global expansion of our sales, technical support and catalog content creation facilities, further adoption of our standard for organizing content, and additional installations of our content management and finding systems."
As the statement indicates, Requisite is trying to detract attention from the glum news by focusing on their other initiatives. Appropriately, the company also announced today that it has partnered with Moai in an alliance that will bring together Moai's LiveExchange strategic sourcing and negotiation technology and Requisite's catalog content management platform, including Requisite's BugsEye catalog finding engine. Both companies plan to initiate joint marketing activities to support the partnership, targeting net market makers and corporate customers seeking to establish marketplaces.