RingCentral Files For $100 Million IPO
RingCentral is a cloud-based telephone systems company that has filed a $100 million initial public offering (IPO), according to an S-1 filed today. RingCentral is used by over 300,000 legal, retail, finance, healthcare, real estate, and other companies across various industries.
The S-1 filing shows that RingCentral applied for listing their Class A common stock under the symbol “RNG.” Goldman Sachs, J.P. Morgan, and Bank of America are listed as the joint book-runners for the IPO.
RingCentral hit total revenues of $50.2 million in 2010, $78.9 million in 2011, and $114.5 million in 2012. However, the company is not yet profitable. They saw net losses of $7.3 million (2010), $13.9 million (2011), and $35.4 million (2012). The company generated $73.2 million in revenues for the first six months of 2013, but saw a $23.9 million loss during the same period.
RingCentral relies heavily on third parties for their network connectivity and leases third-party co-location facilities to house their data centers.
[Source: VentureBeat]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry