IPO for Lombardi?

They have been growing rapidly - 2006 is 3x 2005, and the installed base (reported to be 100 customers) has doubled in the last year. They've been contacted by investment bankers but haven't retained any. They've been approached by major software companies as well.

Here is the interesting part. To succeed they say they need to establish a global footprint, which means adding products, adding headcount - they want to get to 200 by the end of 2007 - and they will ultimately "need to take the company public to raise the capital necessary to establish that global footprint." OK, they're feeling super confident, but I still don't buy the IPO exit. $50-100 Million is still no-man's land for a public enterprise software company. Acquisition by a bigger fish is still more likely.