Canada's Accedian aims for IPO within two years
By Bhaswati Mukhopadhyay and Sayantani Ghosh
(Reuters) - Accedian Networks, a private Canadian company that makes devices to monitor and speed up data over computer and mobile networks, plans to list its shares in Canada and the United States within two years, CEO Patrick Ostiguy said.
Accedian provides the hardware and software that help the flow of data over the ethernet -- pipes that connect many computers over a network -- as well as services to help telecom operators use mobile bandwidth more effectively.
The company, backed by U.S. and Canadian venture capital firms including Summit Partners and RHO Capital Partners, has raised about $30 million since it was founded in 2004.
Accedian, which Ostiguy said has been profitable since 2009, does not release financial data but says it gets about 60 percent of its revenue from North America.
"We cannot yet say how much we would raise. We are currently in the planning stage," Ostiguy said in an interview, adding that Accedian plans to hire a banker to advise on an IPO within 18 months.
The Montreal-based company does not plan to raise more capital before it goes public, he said.
Telecom service providers such as AT&T Inc T.N and Verizon Communications Inc VZ.N are experiencing unprecedented demand as consumers increasingly access the Internet over smartphones.
Companies such as Cisco Systems Inc CSCO.O and Alcatel Lucent SA ALUA.PA, as well as Accedian, are cashing in on the boom. Continued...