Convio Cancels IPO

Convio Inc., an Austin, Texas-based provider of online constituent relationship management solutions for nonprofit organizations, has withdrawn registration for an $86.25 million IPO, citing “unfavorable market conditions.”

It had planned to trade on the Nasdaq, with Goldman Sachs serving as lead underwriter.

Convio has raised over $36 million in VC funding from firms like Granite Ventures (21% pre-IPO stake), Austin Ventures (15.6%), Adams Street Partners (8.9%), Silverton Partners (5.2%) and Windspeed Ventures. Convio shareholders also include El Dorado Ventures (9.1%), which had funded Convio acquisition GetActive Software.