Intermedia Cloud Communications, which provides a cloud-based communication platform for businesses, revived its IPO plans on Friday with a blank filing, disclosing plans to raise up to $100 million. The company had previously planned to raise $300 million by offering 12.2 million shares (17% secondary) at a price range of $23 to $26, but postponed this past April. In its latest filing, the company also disclosed updated financials for the 1H21.
The company provides a proprietary cloud-based communications and collaboration platform, purpose-built for a network of more than 7,000 channel partners and used by a growing base of over 124,000 business customers. Through the platform, Intermedia's partners provide their customers a portfolio of enterprise-grade, integrated Unified Communications-as-a-Service solutions, including the company's flagship product Intermedia Unite, as well as a suite of Business Cloud Applications that includes cloud-based email, security, and productivity applications.
The Sunnyvale, CA-based company was founded in 1993 and booked $263 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol INTM. Intermedia Cloud Communications filed confidentially on December 17, 2020. Morgan Stanley, J.P. Morgan, Credit Suisse, Evercore ISI, and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
