Initiate Systems - pulling the trigger on an IPO

It's certainly super-complex stuff. For example, here's a quote from the filing: "At the heart of our solution are highly accurate, proprietary, probabilistic matching and linking algorithms that create master data from disparate, heterogeneous data sources. We have designed our solution to perform thousands of transactions per second in environments involving hundreds of millions of underlying records and to scale to handle rapidly increasing data volumes."

Initiate has been on a stellar growth ramp. Last year, revenues came to about $33.2million. As for the first half of 2007, revenues have already reached $22.7 million, although there was still a net loss of $7.2 million.

The market opportunity is also large. According to Forrester Research, the addressable market is expected to go from $1.1 billion in 2006 to $6.6 billion by 2010.

The lead underwriter on the deal is Goldman Sachs (NYSE: GS) and the proposed ticker is "INSY."

You can locate the prospectus at the SEC website. Also, if you want to track other recent IPO activity, then visit DealProfiles.com.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements.