Friday, June 13, 2008

Monotype Imaging makes $60M follow-on offering

By Mass High Tech Staff

Text imaging company Monotype Imaging Holdings Inc. has priced its secondary public offering at $12 per share for 5 million shares, which could net the selling stockholders up to $60 million. Monotype Imaging will not receive proceeds of the public offering.

In July 2007, the company lowered its IPO share price to $12 per share from its initial projection of $13 to $15 per share. At the time, Monotype Imaging planned to sell 11 million shares for a net fund-raising of $68 million, down from an earlier projection of $73.6 million.

Woburn-based Monotype Imaging (Nasdaq: TYPE), announced on June 4 a new senior vice president and CFO, Scott E. Landers, who is scheduled to begin on July 1.

The company provides font and typeface products and has regional offices in Boulder, Colo.; Chicago; China; Japan; Redwood City, Calif.; and the United Kingdom. Before being bought and renamed by private equity investment firm TA Associates in 2004, Monotype Imaging operated as Agfa Monotype. In 2007, Monotype Imaging reported a profit of $9 million on revenue of $105.1 million.