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Vonage's big plans
Vonage, the company providing VoIP service for consumers and small businesses, is looking to raise $100 million, claims Business Week. The figure is mind bogling not only because of its sheer size, but also because the company is currently being valued at $950 million and lastly, because only 7 months ago the company raised $105 million.
Lastly, the same news story says that Vonage is gearing up for an IPO later this year.
What does the company plan to do with all this money? Why conquer a market of course! The company currently has 550,000 subscribers who use their broadband internet connection to make "old fashioned" phone calls at a reduced rate. It is growing at a rate of 15,000 lines per week.
Vonage earlier this year expanded into the UK and by now is available in 100 cites. By year's end the company aims to have 550,000 subscribers in the UK market alone.
March 25, 2005 at 03:38 PM | Permalink
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