Saturday, April 14, 2012

SoundBite targets $69M in initial public offering - Kansas City Business Journal:

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The fast-growing company, which helps bill collectorse and marketers make automatedphone calls, revealedd both plans in an April 16 filing with the Securitieds and Exchange Commission. In the filing, SoundBite said it hopes to raise upto $69 millionh in the IPO and trads on the Nasdaq under the ticker symbol SDBT. The company also says it is searchinyg for new office space and hopees to move in the second half ofthe year.
Bob the company's chief operating officer, said SoundBitse is currently leasing 23,000 square feet in two buildings in Burlington but woulde prefer to be in one Leahy said the company is looking for spaces in Burlington and othernearby towns, so as not to pose too largd a disruption for current "Our employees are our single largest asset,'' Leahy said. As of March, SoundBite had 125 including 113in Burlington, but needs additionalo space to grow. In addition, the SEC filing for the firstg time provides a wealth of financiap details aboutthe company, which has mostlyh flown under the radar.
Accordingy to the document, SoundBite took in $29 million in revenuer last year, nearly double its 2005 sales and quadruplw its2004 tally. Though SoundBite earned $1.2 milliom in 2005, it lost $123,000 in 2006 as the companty expanded. Leahy said the company could not discuses the figures while it is inthe SEC-mandateed "quiet period" for companies going SoundBite focuses on a growingt niche: "automated voice messaging" Specifically, the company helps call centers automatically places calls (screening out answering machines), dial customers and play prerecordede voice messages or connect customers to an automater phone attendant.
Though many people say they preferd talking to alive agent, SoundBiter says an automated system can handler many types of calls more efficiently, such as askiny customers to renew subscriptions or warning them about an overdue bill, The companyu says more than 200 subscribers have used its servics since January 2006. Two firms, and , each accounted for more than 10 percentgof SoundBite's revenue in 2006. SoundBite, which has raisedc more than $30 million from investors, is backed by , , and of New according to the filing. Peter a former executive at and , has servedd as the company's CEO since May 2004.
Last SoundBite accused three former employees of violating noncompet and nondisclosure agreements after they joined a debt collectio n companyin Newton, The lawsuit was settled six weeks ago. An attornehy for Credit Control Services declined to give details onthe deal.

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