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Internet Telephony Firm Vonage Files to Raise $250 Million in IPO

Authored by Mark Hefflinger on February 8, 2006 - 4:25am.
Holmdel, N.J. - Vonage, one of the biggest providers of Internet telephone (VoIP) services, has filed papers with the Securities and Exchange Commission for an initial public offering to raise an estimated $250 million. New Jersey-based Vonage also announced on Wednesday that it has hired Michael Snyder, the former president of ADT Security Systems, as its CEO. Snyder is replacing Vonage founder Jeffrey Citron, who will serve as chairman of the board and chief strategist. Founded four years ago, Vonage currently has about 1.4 million subscribers. The company had revenue of $18.7 million in
2003, $79.7 million in 2004, and $170 million for the nine months ended last September. Vonage lost $189.6 million in the first nine months of 2005.
http://www.vonage.com/corporate/index.php?lid=footer_corporate
tags: Internet | IPO | Vonage | Raise | Telephony |



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