August 21, 2008
Software Company Decides Not to Go Public Due to Concerns About Stock Market
Convio, a company that provides Web-based software for nonprofit organizations, has withdrawn its bid to go public, citing unfavorable market conditions.
The Austin, Tex., company, had filed a statement with the Securities and Exchange Commission in August 2007 announcing its intention to sell shares of common stock in an initial public offering.
"We subscribe to the philosophy that good companies don't go public in bad markets," says Gene Austin, the company's chief executive.
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