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IPO Updates: Syniverse, Seven
By Susan Rush
WirelessWeek - November 24, 2004

Syniverse Technologies offers some details on its planned initial public offering, while Seven announces plans to withdraw its IPO, at least in the near-term.

Syniverse Technologies hopes to raise as much as $425.5 million from its planned IPO, according to a preliminary registration statement filed with the U.S. Securities and Exchange Commission. The company, which handles the logistics of number-switching requests for the lion's share of the major U.S. wireless carriers, has not yet outlined how many shares it plans to offer or at what price.

Earlier this month, Syniverse reported total revenue for the third quarter of $82.5 million and a net loss of $1 million.

Less than a year after registering for its IPO, Seven has put on the breaks, at least for now. The wireless communications software company first filed for the IPO in March 2004 and was expecting to sell up to $115 million in common stock. Seven provided no details as the why it decided to shelve the offering. UBS Investment Bank was acting as lead manager for the offering.

Separately, the company announced the completion of a Series C funding round. Although terms of the latest investment round were not disclosed, the company has raised a total of $55 million from previous Series A and Series B rounds.

Related Content
Syniverse Names New CEO
Sprint Re-Ups with Syniverse
T-Mobile Renews Syniverse Contract





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