Exa Corporation raised $62.8 million in its initial public offering at $10.00 per share. Needham acted as a co-manager on the transaction. The Company’s underwriters exercised the option to purchase an additional 550,000 shares of common stock at the follow-on offering price to cover over-allotments. The net proceeds from the sale of the shares will be used by Exa Corporation for General corporate purposes, including working capital, potential repayment of debt and potential acquisitions.
Exa Corporation (NASDAQ: EXA) develops, sells and supports simulation software and services to enhance product performance, reduce product development costs and improve the efficiency of design and engineering processes. Our simulation solutions enable our customers to gain crucial insights about design performance early in the design cycle, thus reducing the likelihood of expensive redesigns and late-stage engineering changes. As a result, our customers realize significant cost savings and fundamental improvements in their engineering development process. Our products include, PowerFLOW®, PowerDELTA®, PowerCLAY®, PowerVIZ®, PowerACOUSTICS®, PowerINSIGHT®, PowerCOOL® and PowerTHERM® along with professional engineering consulting services. A partial customer list includes: AGCO, BMW, Ford, Hyundai, Jaguar Land Rover, Kenworth, MAN, Nissan, Peterbilt, Renault, Scania, Toyota, Volkswagen, and Volvo Trucks. Founded in 1991, the company is headquartered at 55 Network Drive, Burlington, MA.