Speech recognition software provider Dragon Systems Inc has filed with the Securities and Exchange Commission for an initial public offering of common stock worth up to $100m. The exact number of shares or a price range have not been set. Dragon said it would use the proceeds for working capital and capital expenditures. The offering could also prove to be a windfall to Seagate Technology Inc, which has invested in Dragon since 1994, and now owns 38% of the company’s outstanding common stock on an as- converted basis, according to the regulatory filing. Serving as lead underwriter for the offering will be Morgan Stanley Dean Witter, with Hambrecht & Quist and SG Cowen also in on the deal. The shares will eventually trade on the Nasdaq National Market under the symbol DRGN. Last year, Newton, Massachusetts-based Dragon posted a net loss of $5.3m on revenue of $26.8m.
