Intermedia Cloud Communications Files with SEC for IPO

Last week, Intermedia Cloud Communications, which provides a cloud-based communication platform for businesses, filed notice with the Securities & Exchange Commission (SEC) to raise up to $100 million in an initial public offering, according to Renaissance Capital.

Intermedia is a cloud communications company with 125,000 business customers. It helps customers connect through voice, video conferencing, chat, contact center, business email and productivity, file sharing and backup, security, archiving, and more.

The company’s goal is to eliminate the need for multiple communications service providers with an integrated portfolio of communications and collaboration solutions delivered through one platform, including a PBX phone system, video conferencing, chat, screen sharing and file management. Intermedia Unite, the company’s PBX phone system, provides users with support for high-definition (HD) audio along with features such as call park, call forwarding, three-way calling, and a conference bridge

The Sunnyvale, CA-based company was founded in 1993 and booked $252 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol INTM. Intermedia Cloud Communications filed confidentially on December 17, 2020. Morgan Stanley, J.P. Morgan, Credit Suisse, Evercore ISI and Jefferies are the joint bookrunners on the deal. Pricing terms were not disclosed in the announcement.

Last year, Intermedia’s Cloud Communications Solution was named by TMC as a Unified Communications Product of the Year award winner. In late November, Intermedia announced that it had partnered with ConnectWise, a provider of intelligent software and expert services for technology solution providers, to create a robust, streamlined integration between Intermedia and ConnectWise Manage. The partnership was forged to make it easier for the North American MSPs that make up the ConnectWise Manage partner community to add Intermedia's cloud communications and collaboration solutions – which includes business voice, video conferencing, contact center, email, chat, file management, and more – to their product portfolios, said the companies.