Communications software maker BroadSoft expected to raise up to $95 million next week in IPO
By APFriday, June 11, 2010
BroadSoft expected to raise up to $95M in IPO
NEW YORK — Communications software maker BroadSoft Inc. plans to raise as much as $95 million through an initial public offering next week.
It plans sell about 8.6 million shares for $9 to $11 each, according to a filing with the Securities and Exchange Commission. BroadSoft said it will use proceeds to pay off debt on a line of credit from Orix Venture Finance LLC, to redeem and cancel some preferred shares and for working capital and general corporate purposes. The company expects $44.7 million, after expenses.
The company’s software allows traditional telephone, wireless and cable service providers to deliver phone service over Internet-based networks.
Founded in 1998, BroadSoft says it already has 425 service providers using its software in 65 countries. It cites an Infonetics Research, Inc. estimate showing BroadSoft has a roughly 33 percent share of the market.
The company is expected to trade under the symbol “BSFT” on the Nasdaq.
