On February 2, 2000, the initial public offering of 6,900,000 common shares of 724 Solutions Inc. (724), valued at over $250 million, was completed. 724 provides an Internet infrastructure solution that enables financial institutions to offer personalized and secure on-line banking, brokerage and e-commerce services across a wide range of Internet-enabled wireless and consumer electronic devices. Customers of 724 include Bank of Montreal, Bank of America, Citigroup and Wells Fargo. The offering included 900,000 common shares purchased by the underwriters pursuant to the exercise of their over-allotment option. The US underwriting syndicate was led by Credit Suisse First Boston Corp., and included FleetBoston Robertson Stephens Inc. and Thomas Weisel Partner LLC. The Canadian underwriting syndicate was led by Nesbitt Burns Inc. and included RBC Dominion Securities Inc. and Credit Suisse First Boston Securities Canada Inc.
Canadian legal advice was provided to 724 by a team from Goodman Phillips & Vineberg led by Brian A. Ludmer and with assistance from Georges C. Dubé, Michael Partridge, Linda Pavao, and Adrienne F. Oliver. US counsel to 724 was provided by Mark L. Mandel and Lloyd Harmetz of Morrison & Foerster LLP. The Osler, Hoskin & Harcourt LLP team of Deborah M. Alexander and Peter S. Janicki provided Canadian legal advice to the underwriters and Marc M. Rossell and Amanda Clyne of Shearman & Sterling advised on U.S. matters.