RingCentral taps banks for IPO, deal could launch soon -sources

NEW YORK Tue Aug 20, 2013 3:03pm EDT

NEW YORK Aug 20 (Reuters) - Cloud-based phone systems company RingCentral is close to filing for an initial public offering, according to two sources familiar with the matter.

The San Mateo, California-based company is working with Goldman Sachs Group Inc, JPMorgan Chase & Co and Bank of America Corp on an IPO which could launch in the fall, the sources said on Tuesday.

RingCentral could not be reached for comment. Goldman Sachs, JPMorgan and Bank of America declined to comment.

Launched in 2003, RingCentral helps small businesses manage their mobile, fax and email communications. It has more than 300,000 customers.

The company also has a partnership with AT&T Inc.

On Monday, RingCentral announced that former Marvell Technology Group Ltd chief financial officer Clyde Hosein would be joining as executive vice president and chief financial officer.

Investors include Sequoia Capital, Cisco Systems Inc , Scale Ventures, Khosla Ventures and DAG Ventures.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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