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Thursday, August 12, 1999

ResourcePhoenix Files For IPO

Reported by Hayley Green

San Rafael, California-based ResourcePhoenix.com, a provider of outsourced financial and management reporting, accounting management, transaction processing and recordkeeping services, announced that it has filed registration for an initial public offering. The company will offer up to $57.5 million of class A common stock.

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  • ResourcePhoenix
  • "We provide companies the ability to outsource their back office operations. Our applications are web-enabled so companies can get information straight through the Internet," said Bryant Tong, ResourcePhoenix.com's president and chief executive officer.

    Its core mutual fund and annuity product, M.A.R.S., is a software solution developed to assist investment product sales. John Hancock and Aetna are two companies who use this product.

    ResourcePhoenix.com plans to use the capital raised from the IPO to open more operation centers. The company presently has an operating center on the West Coast but an additional 60,000 square foot data and operations center is being planned along with an East Coast center.

    "This would give us greater capacity. We sell to clients all over the country. More centers will make for easier access," Tong said.  

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