Accounting News

Accounting Technology,  October, 2007  

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DELTEK PLANS IPO

Deltek expects to pay off much of its $230 million in debt through an initial public offering.

The Tysons Corner, Va.-based company, which specializes in project management software, incurred the debt when an investment fund, New Mountain Partners, purchased control from founders Kenneth and Donald Laski in 2005. Deltek reported net income of $15.3 million for the year ended Dec. 31, up sharply from $8.7 million for 2005. Revenue rose to $228.3 million for the year ended Dec. 31, up from $153 million. License fees represented 32.8 percent of revenue in the most recently completed year, up from 30 percent in 2005 and 28.8 percent in 2004.

SERENIC LOSSES RISE

Serenic invested heavily in growing its staff as its loss for the first quarter ended May 31 grew to about $280,000, up sharply from a loss of $52,000 in last year's ...