Sangoma Technologies, a Canadian provider of communications products and services, announced that it has elected to withdraw its plans for an initial public offering in the US. It had filed to raise $125 million by offering 5.5 million shares at $22.68, the as-converted November 12 close of its shares on the Toronto Stock Exchange (STC).
Sangoma states that it offers a complete range of value-based Communications as a Service (“CaaS”) solutions for businesses of all sizes. The value-based CaaS segment includes small businesses to large enterprises who are looking for all the advantages of cloud communications at a fair price. Its solutions are used by companies around the world and in contact center, carrier networks, and data communication applications worldwide.
The Markham, Canada-based company was founded in 1984 and booked $194 million in revenue for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol SANG. Morgan Stanley, BMO Capital Markets, William Blair, and Canaccord Genuity were set to be the joint bookrunners on the deal.
