Callidus Prices Shares at $14

Callidus Software(CALD Quote), one of a handful of companies slated to go public this week, priced its shares Wednesday at the top of its proposed range.

San Jose, Calif.-based Callidus, which makes software applications to manage pay-for-performance programs, announced a price of $14 a share. The company plans to sell 5 million shares starting Thursday.

Callidus, founded as TallyUp Software in 1996, posted a net loss of $19 million on $26.6 million in revenue in 2002. The company's bottom line just barely edged into the black in the first nine months of 2003, with net income of $171,000.

Revenue for the nine-month period climbed to $49.4 million, more than double the $18.5 million reported in the same period a year ago. License revenue more than tripled to $26.6 million in that period from $6.8 million a year earlier.

Callidus had $15.2 million in cash on its books Sept. 30.

Citigroup, Lehman Brothers and U.S. Bancorp Piper Jaffray are the underwriters.