Welcome to the Q1 2015 issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs.

We isolate technology companies in order to analyze and present concerns specific to them in the IPO process—we believe that lumping technology companies together with companies in the consumer and retail, manufacturing, life sciences, and other industries can muddy the water and lead to misguided conclusions about the issues that technology companies face.

During the first quarter of 2015, there was a slowdown in the number and aggregate dollar volume of technology IPOs as compared to 2014. However, there is a significant pipeline of technology companies that have publicly filed their registration statements to go public, as well as numerous technology companies that have submitted their registration statements confidentially to the Securities and Exchange Commission, many of which will join the pipeline over the course of the next several quarters.

In this issue, Andy Thorpe and Ajay Koduri shed some light on the SEC Staff IPO review process and offer tips for effectively managing the review.