BroadSoft Prices Low IPO

BroadSoft Inc., a Gaithersburg, Md.-based provider of VoIP application software to the telecom industry, raised around $67.5 million in its IPO. The company priced 7.5 millon shares at $9 per share ($9-$11 offering range), for an initial market cap of around $221 million.

It will trade on the Nasdaq under ticker symbol BSFT, while Goldman Sachs and Jefferies & Co. serving as co-lead underwriters.

The company reported $68.88 million in 2009 revenue, compared to $61.83 million in 2008. Its net loss shrunk from $11.24 million in 2008 to $7.85 million in 2009.

Broadsoft has raised around $76 million in total VC funding since 1998, from firms like Bessemer Venture Partners (23.3% pre-IPO stake), Grotech Ventures (12.6%), Charles River Ventures (12.5%), Columbia Capital (9.1%), RRE Ventures (6.7%), Crescendo Ventures and Meritech Capital Partners.