Shortel, an IP communications company, goes public

June 29, 2007 | Matt Marshall

ShoreTel, a Sunnyvale, Calif. company that sells Internet telephony systems to businesses, raised $83 million in its IPO. It sold 7.9 million common shares at $10.50 per share, at the high end of its expected $8.50-$10.50 range, valuing it at $433 million.

ShoreTel raised around $107 million in venture funding since 1997, from Crosspoint Venture Partners (which owned 27.9 percent), Foundation Capital (20.4 percent), Lehman Brothers Venture Partners (22.7 percent), JPMorgan Capital (5.3 percent), Focus Ventures, Globespan Capital Partners, Matrix Partners and Norwest Venture Partners.

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About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.