SuccessFactors prices share offering at $11.80

By Associated Press
June 24, 2008
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On-demand software provider SuccessFactors Inc. said it priced a public offering of about 8.8 million shares at $11.80 each, its closing price on Monday.

Morgan Stanley and Goldman Sachs, joint book-running managers, received an option to buy an additional 1.3 million shares to cover overallotments.

The company, which had about 51.7 million shares outstanding on May 8, is offering 2.5 million shares of the total number of shares being sold. Closing is set for Friday.

SuccessFactors sells work force management software including those used for setting goals, employee surveys and compensation planning.

Since going public in November 2007, SuccessFactors shares have ranged from $7.49 to $15.27.
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