Cloud-based phone and communication systems provider RingCentral filed for an initial public offering of up to $100 million with the US Securities and Exchange Commission on Monday.
Reported revenue for the six months ending June 30 was $73.2 million, with a net loss of $23.9 million. In 2012, RingCentral had sales of $106 million.
RingCentral investors include Vladimir Shmunis, RingCentral CEO and Chairman, Sequoia Capital, Khosla Ventures, DAG VEntures, Cisco Systems, Scale Venture Partners, RTP Ventures and Hermes Growth Partners.
Rumors of an IPO began swirling last year, with the appointment of its chief product officer Naveen Gupta and the launch of its Cloud-Tech platform, which allows businesses to setup, manage, and use phone systems from their mobile devices. In early 2012, RingCentral hired Robert J. Lawson as CFO.
RingCentral has about 300,000 business customers, mostly comprised of companies with fewer than 1,000 employees in the US and Canada.
Cloud-based phone and communication systems have become a more economical option for businesses with remote employees, and a study published last year by Insight Research found SMBs dominate the VoIP landscape.
Web hosts have partnered to offer their SMB customers cloud messaging solutions. In March, GuruCube partnered with CommuniGate Systems to offer VoIP services.