Vonage flags $250m IPO
Juggles senior execs too
Vonage is looking to raise $250m as part of an IPO, the US-based VoIP outfit revealed in a filing with the Securities and Exchange Commission (SEC).
The cash will be used to fund the continued marketing of the service, which boasts some 1.4m subscribers.
According to documents lodged with the SEC, the broadband telephony outfit lost $190m in the first nine months of last year on the back of revenues of $174m.
Separately, Vonage announced that founder Jeffrey Citron is to take on a new role as chairman and chief strategist. He'll be dabbling in areas such as developing new product areas and technologies while looking after "employee culture".
The day to day running of the firm is to be handed over to the former president of ADT Mike Snyder, who takes up his position as chief executive. ®
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