Paul Kapustka's Blog
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February 08, 2006
Vonage Files For IPO
According to the Wall Street Journal, Vonage has (finally!) filed for its IPO (subscription required to view link)... and as some suspected, Jeffrey Citron is out as CEO (he remains chairman). The story says the company is seeking $250 million, which seems a bit odd... more later, we're sure.
According to the Journal:
Vonage said Mike Snyder will take over Feb. 27 as chief executive from founder Jeffrey A. Citron, who will remain chairman of the board. Mr. Snyder joins Vonage from ADT, a provider of security systems and unit of Tyco International Ltd., where he has been president since 1997.
At the Senate Commerce Committee hearings Tuesday, Citron said Vonage now has 1.4 million VoIP lines in service... while some of us had previously seen the IPO rumors as mere bait for an acquisition, maybe there were no takers for Vonage, which many have deemed to be not worth its VC valuations? Maybe the public market will have the last say.
Posted by paul at February 8, 2006 09:29 AM