RingCentral, a company offering cloud-based phone and communication systems, has filed for an initial public offering of up to $100 million.
Incorporated back in 1999, San Mateo, Calif.-based RingCentral says it saw revenue of $50.2 million in 2010, $78.9 million in 2011, and $114.5 million in 2012. However, it's also experiencing growing losses, with net losses of $7.3 million, $13.9 million, and $35.4 million respectively.
Among the competitive advantages that RingCentral lists in the filing are its core technology, its mobile-centric approach, and its rapid release cycle. Risk factors, meanwhile, include the aforementioned losses, the reliance on third parties for network connectivity and data centers, and threats to the company's security or IP.
RingCentral raised about $44 million in equity funding. CEO and founder Vladimir Shmumis remains the largest shareholder, with 19.6 percent of the company's stock, followed by investors Sequoia Capital and Khosla Ventures, which have 17.2 percent and 16.7 percent, respectively.
In the filing overview, the company writes:
We believe that there is a significant opportunity to leverage the benefits of cloud computing to provide next-generation, cloud-based business communications solutions that address the new realities of workforce mobility, multi-device environments and multi-channel communications, thereby enabling people to communicate the way they do business.
RingCentral delivers hosted phone systems that are designed for mobile and distributed businesses, and is the market leader in cloud computing-based telephony. RingCentral helps small businesses manage mobile, fax and e-mail communications. Its core product offering includes RingCentral Office, RingCentral Mobile and RingCentral Internet Fax, with services provided in the US, Canada and the UK. RingCentral, headquartered in San Mateo, CA, is funded by Sequoia Capital, Khosla Ventures and DAG and was founded in 2003 by Vlad Shmunis. Products RingCentral Office is...
Vlad Shmunis founded RingCentral in 1999 and launched RingCentral's cloud business phone service in 2003. He developed the service based on the need he saw among businesses for an alternative to inflexible and expensive hardware-based phone systems. Since founding RingCentral, Shmunis has led the company in reimagining business communications. Today, the company empowers hundreds of thousands of businesses and their employees to work with unparalleled freedom and in imaginative new ways, via a wide variety of mobile and fixed line...
Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The Wall Street Journal has called Sequoia Capital "one of the highest-caliber venture firms" and noted that it is "one of Silicon Valley's most influential venture-capital firms". It invests between $100,000 and $1 million in seed stage, between $1 million and $10 million in early stage, and between $10 million and $100 million in growth stage. The firm has offices in the U.S., China, India and...
Khosla Ventures is a venture capital firm started in 2004 by Vinod Khosla, Co-Founder of Sun Microsystems. The firm focuses on environmentally friendly technologies in addition to the traditional venture areas such as the Internet, computing, mobile and silicon technology arenas.
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