The company did not say how many shares it plans to sell, but it is looking to raise $115 million. Proceeds of the offering will go toward working capital and general corporate purposes, according to the filing. The company had cash, cash equivalents and investments of $13.5 million as of Dec. 31. It had a net loss of $12.9 million on revenue of $6.9 million in 2003. The company applied for a Nasdaq National Market listing under the ticker symbol "SEVN."
Seven Networks announced Monday that it filed with the Securities and Exchange Commission for an initial public offering. Redwood City, Calif.-based Seven provides cellular carriers with software that gives subscribers wireless access to data services on portable devices. Seven targets mainstream consumers with its services.