VoIP application provider Broadsoft should go public this week.
The 12-year-old company, based in Gaithersburg, Md., announced earlier this year it would issue an initial public offering worth up to $103.5 million. That number has been revised downward, however, to $75 million. A June 1 Reuters report even pinned the amount at $44.7 million based on a $10 per-share price. This week, news outlets noted Broadsoft’s go-public range should fall between $9 and $11 and volume should reach 7.5 million shares.
Broadsoft is going public despite losing money every year since it was founded. That doesn’t mean executives haven’t fueled growth, though. Indeed, Broadsoft has increased its size through acquisitions over the past year. For example, in October 2009, Broadsoft bought Packet Island, which offers hosted quality-of-service assessment and monitoring tools for advanced IP communications services, less than a year after purchasing rival Sylantro Systems.
Broadsoft customers include AT&T Inc., Qwest Communications International Inc. and Verizon Communications Inc.
During the IPO, if Broadsoft reaches its midpoint of the proposed range, it will hold a $268 million market value. Broadsoft plans to trade under the ‘BSFT’ ticker. The company reported $69 million in sales in 2009.
Goldman, Sachs & Co. and Jefferies & Co. are serving as Broadsoft’s lead IPO underwriters.
