WageWorks, an on-demand provider of employee spending account benefits programs, postponed its IPO on Wednesday. The San Mateo, CA-based company had planned to raise $49 million by offering 5.8 million shares at a price range of $8 to $9, a 35% haircut to its initially proposed range of $12 to $14. WageWorks was founded in 2000 and booked $127 million in sales for the 12 months ended 6/30/11. Credit Suisse and William Blair were set to be the lead underwriters on the deal.
