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Force10 heads for $144m IPO

Alex Scroxton
Self-styled disruptive networker Force10 has become the fourth vendor in the networking space to file for an IPO since November, making an initial offering of $144m (£95m).

Towards the back end of 2009, Meru Networks and unified comms whizz Mitel both made plans to begin trading on the stock markets, while network security appliance vendor Fortinet also floated last year.

In a form filed yesterday with the United States SEC, Force10 said it made total revenues of $119m for the fiscal year ended 30 September 2009, and for the three months to the end of December posted sales of $43m.

Over the same two periods it made GAAP net losses of $54.9m and $7.6m respectively. The firm added that it expects its loss-making trend to continue for the foreseeable future.

It intends to use the cash generated for working capital and general corporate purposes.

Force10, which specialises in 10G Ethernet switching, has lately hit the headlines after throwing down the gauntlet to its larger rivals, Cisco and HP ProCurve, deploying a programme to beat the price of a fully configured Cisco 6500 chassis switch after HP was chucked out of the Cisco alliance partner programme last month.

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