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Broadview Networks Holdings Inc., a venture capital-backed voice and data networking company, filed with regulators on Friday to raise about $287.5 million in an initial public offering of common stock. The Securities and Exchange Commission filing did not reveal how many shares the company planned to sell, nor their expected price. Broadview, a seller of voice and data networking solutions, said in its registration statement that it intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include funding capital expenditures, acquisitions and investments. The New York-based company also noted that it will not receive any of the proceeds from the sale of shares by the selling shareholders named in the prospectus. Broadview has raised over $320 million in total venture capital funding since its founding in 1996. Current shareholders include Baker Capital, MCG Capital Corp., New Enterprise Associates, ComVentures, WPG Enterprise Fund III LLC, Apollo Management LP and Trimaran Capital Partners, according to the SEC filing. The filing did not say what percentage of Broadview's stock each investor holds. The company reported an adjusted loss of $27.2 million on revenue of $374 million in the nine months ended Sept. 30. It also noted that it has debt amounting to $314.3 million. Deutsche Bank Securities Inc. and Jefferies & Co. are underwriting the offering. Cristopher Greer, of Willkie Farr & Gallagher LLP is representing Broadview and Jin K. Kim of White & Case LLP is providing the underwriters with legal counsel. The company plans to list its shares on the Nasdaq. Broadview has acquired a number of related companies over the last 10 years. Most recently, it completed the purchase of InfoHighway Communications, a New York provider of hosted and managed communications solutions serving businesses in the Mid-Atlantic and Northeast regions of the U.S. Last year, Broadview purchased ATX Communications Inc., an integrated communications and managed services provider that serves business customers in the Mid-Atlantic states. Broadview president and CEO Michael K. Robinson said the combination of Broadview, InfoHighway and ATX created "a leading competitive alternative for small and mid-size companies seeking a partner to help them meet their communications infrastructure, security, and productivity needs." Broadview previously had acquired a portion of the business customer base of RCN Corp., of Princeton, N.J., some of the Net2000 Communications Inc. assets earlier acquired by Cavalier Telephone LLC, a privately held competitive local exchange carrier, or CLEC, based in Richmond, Va., and the DSL business of Newark, N.J.-based IDT Corp.  Deal Video
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