The Redwood City, California-based company did not say how many shares it planned to sell, or what the price range would be. Proceeds of the offering will be used for working capital and general corporate purposes. While some proceeds could be used for technology or business acquisitions, Seven said there were no such plans in place right now.
Seven Network’s System SEVEN software is designed to help network operators offer real time information services to wireless devices, including access to email and calendars, and corporate documents and directories. Seven’s customer list includes Globe Telecom, KDDI Corp, NTT DoCoMo, Optus and Singtel in Asia Pacific; and mmO2 and Orange in Europe. Seven had revenue of $6.9m in 2003, and a net loss of $12.9m.
This article is based on material originally published by ComputerWire
