Colorado small businesses are less likely to change health insurers for the upcoming year, even as they anticipate continued price increases, according to the second-annual Delta Dental of Colorado Small Business Survey.
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Boulder-based Rally (NYSE: RALY) sold 5,589,455 shares of common stock at $24.75 per share in the follow-on offering, according to a press statement. The company makes cloud-based software development tools.
A follow-on public offering is made after a company files its initial public offering – something Rally did in April to raise $84 million in capital.
Rally sold 250,000 shares in the offering and selling stockholders sold 5,339,455 shares.
Boulder Ventures and Mobius Technology Ventures, both Boulder venture capital firms, each gained about $30 million in the stock transaction, based on a U.S. Securities and Exchange Commission document. Each company retains a 9 percent stake in Rally. Vista Ventures in Boulder gained $4.8 million in the stock transaction, retaining a 4.5 percent stake in Rally, according to the SEC document.
Other investment firms benefitting in the latest stock offering included Greylock Capital, the Menlo Park, California, venture capital firm behind Facebook, LinkedIn and other online powerhouse companies, and Mohr Davidow Ventures, also in Menlo Park.
Rally’s founder, Ryan Martens, sold about $3 million worth of stock, retaining a 3.6 percent stake in the company. Chief executive officer Tim Miller sold about $2.6 million worth of stock, retaining a 2.9 percent stake in the company, according to the SEC document. Bryan Stolle, a company director affiliated with Mohr Davidow Ventures, sold about $3 million worth of stock, retaining an 8.2 percent stake in the company.
Rally went public in April with an $84 million initial public offering. The company in June announced that it expects to see total revenue in the range of $71 million to $73 million in the first year it is publicly traded, a 25 percent to 29 percent growth compared with the previous year.
Martens, founded the company in Boulder in 2001 as F4 Technologies Inc. Since then, Rally has raised about $70 million in venture funding from Boulder Ventures, Mobius Technology Ventures, Mohr Davidow Ventures, Greylock Partners and Vista Ventures, among others.
Deutsche Bank Securities Inc. and Piper Jaffray & Co. acted as joint book-running managers for the follow-on stock offering. Needham & Company LLC, JMP Securities LLC, William Blai & Co. LLC and Wunderlich Securities Inc. acted as co-managers for the offering.