- ZDNet Tags:
- Funding/IPO,
- Networking,
InfiniBand is going public.
Voltaire, which sells networking equipment and software for the high-speed communication technology, filed plans
Tuesday with the Securities and Exchange Commission to hold an initial
public offering of its stock. The company, based in Herzeliya, Israel,
and Billerica, Mass., said it hopes to raise $67.5 million.
Several major companies, including Intel and IBM, once
envisioned InfiniBand as a general-purpose server communication
technology, but instead it has found its main niche linking numerous
servers together into high-performance technical computing clusters.
But InfiniBand has stayed a step ahead of other technologies, such as
the ubiquitous Ethernet and the storage-specific Fibre Channel, and
backers still hope to see it used for general business computing.
InfiniBand hasn't been a recipe for stand-alone success among start-ups. QLogic acquired one InfiniBand specialist, PathScale, and Cisco Systems acquired another, TopSpin Communications. Voltaire itself has diversified; its InfiniBand switches also have high-speed 10-gigabit-per-second Ethernet abilities.
Voltaire had revenue of $30.4 million in 2006 and $8.6 million in the
first quarter of 2007, the company said in the filing. For those
periods, it reported a net loss to shareholders of $13 million and $4.2
million, respectively.
The company plans to sell 5.77 million shares at a price
between $12 and $14 per share. In addition, other Voltaire shareholders
are selling 1.92 million shares in the offering. As many as 865,462
shares from Voltaire and 288,488 shares from the other shareholders
also can be sold to cover overallotments, the company said.
The target of $67.5 million raised via the stock offering
comes from a value of $13 per share and accounts for expenses and
discounts to the IPO underwriters, the company said.
The company plans to trade under the ticker "VOLT" on the Nasdaq market.
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