AudioCodes is taking advantage of its peak $1.1 billion valuation to raise capital. The company, whose share price has increased 48% this year, is seeking to raise nearly $100 million through a share offer. The company is planning to sell 2.6 million shares, currently valued at $99 million.
The company’s current $1.1 billion valuation is an all-time high for the company, which was founded in 1993.
AudioCodes intends to use the money to fund its ongoing capital needs and for potential future acquisitions. The underwriters of the stock sale – Bank of America and Citi – have an option to buy some 390,000 shares, or 15% of the sale, at the price being offered the public.
AudioCodes raised capital most recently in 2014, when it sold some 4 million shekels at a price of $8 per share.
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To date, it has raised $204 million in three share offerings.
AudioCodes develops and sells internet-based voice networking and media processing services. It has received a boost from the growing trend of working from home and digital office workspaces. AudioCodes supplies video and audio services for Microsoft’s Teams software, which had some 44 million users as of March, up from 1 million as of June 2019.