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eCal positions itself for initial offering.(personal calendars on the web)(Brief Article)
The Center City firm, which wants to raise more capital, could go public by mid-year
The management team of eCal Corp. wowed Philadelphia's tech movers and shakers enough to garner a Ben Franklin Technology Partners Emerging Business award this year. But it may soon have to win over a tougher audience: Wall Street.
"The company is probably positioned to go public in the first half of this year," said Richard A. Rasansky, president and chief executive officer of the company, which he founded in 1997.
If eCal decides to have an initial public offering, it can only hope the IPO goes as well as its recent financing. The company set out to raise $10 million. It wound up raising $12 million -- and Rasansky said it got commitments for $23 million.
Although its headquarters is in a quintessentially Philadelphia location -- on Delaware Avenue in the shadow of the Ben Franklin Bridge -- eCal's funding had a distinctly continental feel. Its investors included Nokia Corp., the Finnish telecommunications equipment manufacturer best known for its wireless phones.
Its investors' interest has to do with uses they foresee for eCal's product -- computer-based …
