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IPO - Thursday, September 27, 2007

Voice Mail's SoundBite Files $54.8M IPO

Bedford, MA-based SoundBite Communications has set its proposed IPO terms at 6M shares offered at $12 - $14 per share. Soundbite would trade on the Nasdaq as SDBT, with Cowen & Co. and Thomas Weisel Partners as co-lead underwriters.

Soundbite offers an automated voice messaging services that is used by collection agencies, financial services companies, retailers, telecommunications companies and utilities. You have likely received one of their calls give that SoundBite's service was used to place nearly 1B calls in 2006 by about 200 clients. The company offers a usage-based pricing model, with prices calculated on a per-minute or per-message basis.

For the six months ended June 30, SoundBite reported losses of $433K compared with losses of $318K in the prior year period. During the same period, SoundBite boosted its revenue to $18.1M from $12.2M.

Soundbite has raised around $30M in VC funding with North Bridge Venture Partners owning a 46.1% pre-IPO stake.

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Ottawa-based Mitel Networks, meanwhile, has withdrawn its proposed $150M IPO. Rather than citing poor marketing conditions, Mitel explained that it needed to put the IPO on hold due to the company’s recently-completed acquisition of Inter-Tel.