Software maker BroadSoft files to raise up to $103.5 million in initial public offering
By APTuesday, March 16, 2010
BroadSoft files for IPO worth up to $103.5 million
NEW YORK — Software maker Broadsoft Inc. on Monday filed its intent to raise as much as $103.5 million in an initial public offering.
The Gaithersburg, Md., company did not release expected terms or a prospective date for the IPO.
Broadsoft makes multimedia application server software that helps Internet service providers deliver voice and multimedia applications over Internet protocol-based networks.
It plans to use $4.3 million of the net proceeds to redeem preferred stock, according to a regulatory filing. The rest of the funds raised through the IPO will help pay down debt and be used for general corporate purposes.
The company, which said it has posted net losses every year since it was founded in 1998, lost $7.8 million on sales of $68.9 million in 2009.
It plans to trade on the Nasdaq Global Market under the symbol “BSFT.”
Goldman Sachs and Jefferies are the lead underwriters.
