RingCentral, a company offering cloud-based phone and communication systems, has filed for an initial public offering of up to $100 million.
Incorporated back in 1999, San Mateo, Calif.-based RingCentral says it saw revenue of $50.2 million in 2010, $78.9 million in 2011, and $114.5 million in 2012. However, it’s also experiencing growing losses, with net losses of $7.3 million, $13.9 million, and $35.4 million respectively.
Among the competitive advantages that RingCentral lists in the filing are its core technology, its mobile-centric approach, and its rapid release cycle. Risk factors, meanwhile, include the aforementioned losses, the reliance on third parties for network connectivity and data centers, and threats to the company’s security or IP.
RingCentral raised about $44 million in equity funding. CEO and founder Vladimir Shmumis remains the largest shareholder, with 19.6 percent of the company’s stock, followed by investors Sequoia Capital and Khosla Ventures, which have 17.2 percent and 16.7 percent, respectively.
In the filing overview, the company writes:
We believe that there is a significant opportunity to leverage the benefits of cloud computing to provide next-generation, cloud-based business communications solutions that address the new realities of workforce mobility, multi-device environments and multi-channel communications, thereby enabling people to communicate the way they do business.
via TechCrunch http://feedproxy.google.com/~r/Techcrunch/~3/2LetQShP1ac/
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