Tuesday, April 26, 2011

WageWorks Files For IPO

San Mateo-based WageWorks, which operates health and dependent care Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and commuter benefits and other programs for employers, has filed for an IPO. The IPO is being underwritten by Credit Suisse, William Blair & Company, Stifel Nicolaus Weisel, JMP Securities, and Needham & Company, LLC. WageWorks is venture backed by VantagePoint, Advent International, Camden Partners, and others. The firm said it hopes to trade under the symbol WAGE, but has not yet selected an exchange. The firm had a net loss of $17.25M on revenues of $115.0M for the year ended December 10, 2010.