SUNNYVALE, Calif., March 31, 2021 /PRNewswire/ -- Intermedia Cloud Communications, Inc. ("Intermedia"), a leading provider of cloud communications and collaboration solutions to businesses and the partners that serve them, today announced it has postponed plans for its initial public offering.
"Due to challenging current conditions in the market for initial public offerings, especially for technology companies, we have decided to postpone our planned initial public offering," said Michael Gold, Intermedia's Chief Executive Officer. "While we received strong interest and engagement from the broader institutional investor market, we are seeing adverse conditions in the current IPO market that we believe would limit the opportunity of our IPO at this time. The current adverse conditions may be short-lived, and we will continue to monitor the market for more stable and favorable IPO conditions."
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected].
About Intermedia Cloud Communications, Inc.
Intermedia is the cloud communications company that helps over 122,000 businesses connect better – through voice, video conferencing, chat, contact center, business email and productivity, file sharing and backup, security, archiving, and more – from wherever, whenever. We strive to eliminate the need for multiple communications service providers with a seamlessly integrated portfolio of communications and collaboration solutions – all delivered through one highly reliable and secure platform. With month-to-month contract options, one monthly bill, one intuitive point of administrative control, and five-years running J.D. Power-certified 24/7 technical support, Intermedia is committed to providing enterprise-grade products to businesses of all sizes through a simple, Worry-Free ExperienceTM.
As a partner-first company, Intermedia goes to work for over 7,000 channel partners by providing a comprehensive set of programs, resources, and support to help them grow their revenue and maximize their success. Programs include our Customer Ownership Reseller model (CORETM) – which enables partners to resell, package and manage Intermedia's solutions as if they were their own, while benefiting from highly attractive economic terms and maintaining ownership of their customer relationships – as well as agent models. Intermedia is also proud to be the exclusive cloud communications platform provider for NEC, a leader in global market share for unified communications with an estimated 80+ million business phone users worldwide.