Vonage Files for $250 million IPO

Andy found it first and I am pointing to it – the Vonage filed for an IPO. Here is the SEC document. Cannot find out how much the company plans to raise, but the big news is “Jeffery Citron steps down as CEO Michael Snyder takes over. Snyder signed an agreement and will join the Vonage board of directors and become its Chief Executive Officer.” The past catches up with Jeffrey.

Our revenues were $18.7 million in 2003, $79.7 million in 2004, and $174.0 million for the nine months ended September 30, 2005. While our revenues have grown rapidly, we have experienced increasing net losses, primarily driven by our increase in marketing expenses. From the period of inception through September 30, 2005, our cumulative net loss was $310.0 million. Our net loss for the nine months ended September 30, 2005 was $189.6 million. During the same nine-month period, our marketing expenses were $176.3 million.

More later!

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