Salesforce.com has claimed that its negotiations with the Securities and Exchange Commission (SEC) which have delayed its initial public offering (IPO) by at least a month are part of the normal process.
Part of the delay is because the on-demand customer relationship management (CRM) supplier is aiming for a full listing on the New York Stock Exchange rather than Nasdaq.
According to sources close to the company, Salesforce.com also hopes to secure the ticker symbol 'CRM'.
It was widely hinted that the IPO, announced last December, would take place by the end of March, but it is still stuck in the SEC approvals process.
SEC rules forbid anyone at the company from commenting on the process, but part of the problem is likely to be the business model which Saleforce.com operates.
The company offers pay-as-you-go CRM, paid for as customers use the service. The business model for most software companies means that they receive a lot of money upfront when customers place orders and, subject to certain limitations, can declare it almost immediately.
Salesforce.com only declares income as the service is delivered. This mean that the accounts should give a much clearer picture of the true state of its business.
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