Convio, which provides on-demand marketing software to 1,300 nonprofit organizations, raised a lower than expected $46.2 million by offering 5,132,728 shares at $9, below its planned range of $10 to $12. At the $9 offer price, the Austin, TX based company will command a market capitalization of roughly $168 million. For the 12 months ended December 31, 2009, Convio booked $63.1 million in revenue and generated $6.6 million in operating cash flow. Thomas Weisel Partners and Piper Jaffray acted as lead underwriters on the deal. Convio will begin trading on the NASDAQ on Thursday under the symbol CNVO. Convio's pricing is the second on-demand softwware company to price in as many weeks and follows last week's debut of SPS Commerce (SPSC), a provider of supply chain management software for the retail sector.
