April 30, 2014
ATEL Ventures Inc. ("ATEL") is pleased to announce that Five9, Inc. an ATEL Growth Capital portfolio company, had its initial public offering ("IPO") on April 4, 2014. Listed under the symbol "FIVN" on the NASDAQ, Five9 raised over $350 million in the first day of trading and traded up 9.14% from the IPO price.
The ATEL Funds were a venture lender to Five9, providing an asset collateralized loan. As part of the loan agreement, ATEL received warrants to acquire Five9 stock. Based on the closing price of Five9's stock on April 21st, ATEL's Funds have an unrealized gain of $1.1 million.
"Five9's successful IPO continues the strong momentum that ATEL has built from the beginning of the year," said Steve Rea, Executive Vice President at ATEL. "We are committed to identifying and collaborating with the companies that have the most potential to change the marketplace, while bringing economic benefit to our investors."
Five9, Inc., located in San Ramon, California, is a leading provider of cloud-based contact center software. The company's software is used by sales and marketing, customer service and support, finance and collections and other organizations for both inbound and outbound call center functions such as telemarketing, telesales and support centers. Five9 is supported by a group of blue chip investors including Hummer Winblad Venture Partners, Mosaic Venture Partners and Partech International.