Beatnik Files For Initial Public Offering
Beatnik (http://www.beatnik.com) announced today that it has filed for its IPO (proposed Nasdaq symbol, BTNK).
Beatnik is a music system that allows web developers to add interactive music to their web sites. The Beatnik Player allows surfers to experience interactive audio by manipulating sounds and mixing songs right on a web page. It has created its own format, the Rich Music Format (RMF), a, multi-track file that handles the interactivity yet does not require large file sizes or streaming.
Beatnik (formerly Headspace) was founded in 1996 by musician Thomas Dolby, who made his mark on the musical world with the 80s hit, "She Blinded Me With Science". In November 1999, Beatnik merged with music software company Mixman Technologies combining two like-minded companies.
The company licenses the Beatnik Audio Engine to Web developers. So far, Beatnik has been unprofitable, losing $10.5 million in 1999.
The IPO is being managed by an underwriting group led by Fleet Boston Robertson Stephens. CIBC World Markets and U.S. Bancorp Piper Jaffray are co-managers of the offering.
Last year Beatnik received private financing of $11 million from a group of investment firms, including Mayfield Fund, Entertainment Media Ventures and the Zomba Group of Companies.