Marketo had a good, good day. Its stock launched on Nasdaq, rising nearly 78% from the opening price of $13 to over $23.
Bruce Cleveland and Doug Pepper from venture capital firm InterWest Partners did particularly well.?InterWest? had a 33.3 percent stake that was worth $302 million pre-sale and now tallies up to more than $565 million, reports AllThingsD's Arik Hesseldahl.
Marketo makes marketing automation software which does things like manage marketing budgets, evaluate how well a marketing campaign went, manage email and social media campaigns and the like.?
It competes with companies like Eloqua, which had its own IPO last year, and Salesforce.com's Marketing Cloud, formed through its acquisitions of Radian6 and Buddy Media.
It wasn't the only enterprise tech company to go public today. Tableau Software hit the New York Stock exchange, too, and popped big. Its $31 opening price is over $50 right now in after-hours trading.
Source: http://www.businessinsider.com/marketos-makes-a-mint-as-its-ipo-shares-soared-over-77-2013-5
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