SoundBite Files for Initial Public Offering

Published on:
18 April 2007 at 04:51 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00020294-soundbite-files-for-initial-public-offeri/

Looking to go public, Soundbite has filed to raise $69 million. This would make Soundbite the second major IPO in the collections-technology industry after Debt Resolve Inc. raised $12.5 million for its foray into trading on the American Stock Exchange in November of last year.

SoundBite stated that it plans to use the money raised to repay its $3.54 million in debt. Most of the debt comes from money borrowed to purchase software and equipment, and for working capital.

Since 2004, the Burlington, Mass.-based company has focused much of its efforts on third-party collection agencies. Today, SoundBite has a client base consisting of 14 of the 20 largest collection agencies in North America, including NCO Group and Afni.

SoundBite plans to list its shares on the Nasdaq under the ticker symbol SDBT.