IPO and new CEO at Vonage

Vonage Holdings filed its initial public offering (IPO) with the Securities and Exchange Commission on Wednesday.

According to published reports, the company that primarily offers VoIP services to consumers, could raise up to $250 million that will be used to expand its customer base.

According to the Wall Street Journal, the IPO comes after months of discussions with potential buyers. But either the company was previously not seriously interested or the offers weren’t good enough.

The number of shares offered in the IPO was not disclosed.

Vonage also announced on Wednesday that Mike Snyder will take over as CEO from Vonage founder, Jeffrey Citron. Snyder was most recently president at ADT, part of Tyco Fire and Security. According to a Vonage press release, Snyder will take “over the day-to-day operations of the various entities within the Vonage umbrella.”

Citron will continue as chairman and take on a new role as chief strategist. According to the company, he will dedicate his time on new products, technologies, growth opportunities and employee culture.

Copyright © 2006 IDG Communications, Inc.

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