[skb_]

microsoft?

[larsberg]

I can't tell for sure (Wikipedia has no info, and http://www.fundinguniverse.com/company-histories/Microsoft-C... only talks about their IPO), but it certainly looks like MSFT was bootstrapped when they nailed their big licensing deals. They then IPO'd after 9 years incorporated to get some more cash on hand, presumably.

[mdonahoe]

this article makes it seem like they IPO'd because they were getting close to their 500 shareholder limit.

[nikcub]

nope. we did this discussion further down:

http://news.ycombinator.com/item?id=2339287

raised VC in '81, IPO in '86

why isn't an IPO considered an outside investment in this argument anyway? it is, afterall, raising money

the argument should be what is the largest software company that never raised external funding and is still private

[njl]

The only VC was a guy named Marquardt. His firm had a 6.2% stake at the time of the IPO. I don't know when he invested.

[nostrademons]

Microsoft took a mezzanine round a few months before the IPO. The reason usually given is so that they'd have connections to investment bankers to manage the actual IPO, as well as people with a stake in making sure that the IPO price was as high as possible.