IntelePeer Files $100 Million Initial Public Offering
IntelePeer Inc., a cloud-based communications service provider, filed an initial public offering for as much as $100 million with the Securities and Exchange Commission today.
The company offers a service that helps businesses and phone companies manage different voice and video connections more efficiently, store phone numbers and design applications for communications networks, it said in a filing.
IntelePeer’s revenue has more than doubled since 2008 to $111.5 million last year and the San Mateo, California-based company counts Sprint Nextel Corp. (S) and Qwest Communications International Inc. as customers. The company will use the proceeds of the share sale for working capital and general corporate purposes, the filing said.
The global market for cloud-related services may more than double to $148.8 billion in 2014 from $58.6 billion in 2009, said Stamford, Connecticut-based Gartner Inc. Cloud-based computing services allow users to store software on the Internet.
JPMorgan Chase & Co., Deutsche Bank AG, and Barclays Plc are managing the IPO, along with Royal Bank of Canada and William Blair & Co., according to the filing.
The biggest shareholders are VantagePoint Venture Partners, the investment firm run by Alan Salzman, and entities affiliated with private-equity company Kennet Partners Ltd., which each own about 28 percent of the company.
To contact the reporters on this story: Amy Thomson in New York at athomson6@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net
To contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net; Jeffrey St.Onge at jstonge@bloomberg.net
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