Rare High-Tech IPO Yields $60 MillionRare High-Tech IPO Yields $60 Million

An IPO from a high-tech company? It's true. SI International Corp., which sells software and network offerings to the federal government, went public this week on the Nasdaq Stock Market.

The company says it raised approximately $60 million through the initial public offering, which offered 4.4 million shares of common stock priced at $14 per share. SI International will use those funds primarily to pay about $30 million in loans. The company also says it's now able to increase its revolving credit limit to $35 million, which will add to the cash it has for corporate investing.

On the growth radar for SI International are acquisitions of companies that will add value to its government IT offerings, according to a spokesman. While no specific acquisition agenda has been set, anything that can help in areas ranging from network engineering to E-learning offerings will be evaluated.

Since the company's formation in 1998, it has grown to $147.8 million in trailing revenue through four acquisitions as well as organic growth.