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Canada-listed communications firm Sangoma Technologies files for a $125 million US IPO

November 15, 2021
SANG

Sangoma Technologies, a provider of communications services for businesses, filed on Monday with the SEC to raise up to $125 million in an initial public offering.

The Markham, Canada-based company plans to raise $125 million by offering 5.5 million shares at a price of $22.68, the as-converted November 12 close of its shares on the Toronto Stock Exchange (STC). At the proposed price, Sangoma Technologies would command a market value of $556 million.

Sangoma states that it offers a complete range of value-based Communications as a Service (“CaaS”) solutions for businesses of all sizes. The value-based CaaS segment includes small businesses to large enterprises who are looking for all the advantages of cloud communications at a fair price. Its solutions are used by companies around the world and in contact center, carrier networks, and data communication applications worldwide.

The company was founded in 2001 and booked $158 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol SANG. Sangoma Technologies filed confidentially on September 19, 2021. Morgan Stanley, BMO Capital Markets, William Blair, and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price the week of November 15, 2021.