VoIP provider Vonage has filed the initial paperwork to raise $250 million through an initial public offering, according to CNet. Here's the story.
Choice excerpt from the CNet story:
"We are pursuing growth, rather than profitability, in the near term to capitalize on the current expansion of the broadband and VoIP markets and enhance the future value of our company," the company said in the SEC prospectus. "This strategy, however, may not be successful, and we may never achieve profitability."
CNet is also reporting that Vonage founder Jeffrey Citron will hand over CEO duties, and serve as the company's chief strategist and chairman of the board. Inc. ran this interview with Citron back in our July issue.
In that article, Citron hinted that he was ready to let somebody else run day to day operations. "Being an entrepreneur is like being a parent," he told Inc. "You want to nurture your young children or your young companies and take an active and dominant role in their lives, making sure they grow up appropriately. And as they get older, you start ceding authority. You can still be a very active parent, and in the case of Vonage, I probably will be for a long time."