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BroadSoft files for $103m IPO

Alex Scroxton
IP-software developer BroadSoft has become the latest networking sector firm to express an interest in floating on the stock market, giving further impetus to the growing recovery seen in the market.

The Maryland-based firm's $103.5m filing follows recent IPOs from Fortinet, Force10, Meru and Mitel.

In its filing with the SEC, Broadsoft said it planned to use $4.3m from the filing to redeem preferred stock, and hinted at the possibility of acquisitive expansion.

"The remaining proceeds will be used for working capital and other general corporate purposes, which may include the acquisition of complementary businesses, products or technologies," the firm added.

Last year it grew sales a little over 11% to $68m and narrowed net losses to $7.8m. BroadSoft has, however, failed to turn a profit since its inception 12 years ago.

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