San Francisco ad tech firm Delivery Agent picks banks for 2014 IPO
Advertising technology company Delivery Agent Inc plans an initial public offering (IPO) in 2014, according to sources familiar with the matter. The IPO could value the company between $500 million and $1 billion, wrote The Wall Street Journal.
The unnamed sources said the San Francisco-based firm has tapped Deutsche Bank AG and Credit Suisse Group AG to lead the said IPO. They also said the company has not yet settled on a proposed share pricing for the offering in 2014's first half, the report detailed.
Delivery Agent would join a string of venture capital (VC) backed technology and e-commerce firms that are preparing for possible IPOs next year. These companies are hoping to duplicate the success of late-2013 IPOs such as Zulily Inc and Twitter Inc. Dealogic said this year's US IPO produced the most VC-backed debuts in over 10 years, the report explained.
The ad tech firm forms partnerships with TV and cable networks, sports teams, cable operators, and others to sell or promote products over the web. Delivery Agent also operates online retail sites for cable networks, channels. and plus sites including NBC, ShotTheTV.com and SeenON.com. The company was founded in 2005 by former Circuit City Stores Inc executive Mike Fitzsimmons, The Wall Street Journal reported.