Large Maker of Software for Nonprofit Groups Opts Out of Going Public

A major provider of computer software and Web services for nonprofit groups has scrapped plans to become publicly traded, reports the Austin Business Journal.

Convio, based in Austin, Tex., has cited poor market conditions as the reason behind its change of plans. It had hoped to raise $86-million through the public offering but asked the U.S. Securities and Exchange Commission to withdraw its bid on Monday.

Convio’s chief executive, Gene Austin, said the company still plans to undergo a public offering when market conditions improve.