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BroadSoft to Sell Millions of Shares in ‘Follow-On Offering’

December 06, 2010 - News

VoIP applications provider BroadSoft Inc., in a so-called “follow-on offering," plans to sell the shares it kept off limits during its June 2010 IPO.

The Maryland-based company plans will offer 5 million shares of its common stock starting Dec. 22. Those shares are held by people including BroadSoft officers and directors.

BroadSoft’s move comes about six months after its debut on Wall Street. That’s when the software developer raked in a mere $67.5 million from its IPO, substantially less than the $103.5 million it had hoped to raise. However, its value has risen in recent weeks, reaching a 52-week high of $25.93. Shares of BroadSoft closed 2.51 percent lower, at $24.44, on Monday.

The financial news comes as BroadSoft has unveiled its BroadCloud product; BroadCloud is hosted infrastructure that will serve as the foundation for the BroadSoft’s Software-as-a-Service communications.

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