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| Clarent Corporation |
| 700 Chespeake Drive, Redwood City, CA 94063 * (650) 306-7511 |
| Business Description | We design, develop, market and sell integrated Internet Protocol (IP) telephony systems. Our Clarent IP Telephony Solution (Clarent System) is an integrated hardware and software solution that enables telecommunications service providers to rapidly deploy voice, fax and data services over their IP networks. Using the Clarent System, service providers can deliver a level of voice service quality that is indistinguishable from circuit-switched voice service, while simultaneously delivering a superior level of fax and data transmission quality compared to existing circuit-switched fax and data. |
| Offering Information Company has | |||
| Trading As | CLRN (NASNTL) | Industry | Internet (SIC 7372) |
| Type of Stock Offered | Common Shares | Filing Date | 04/09/1999 |
| Domestic Shares Offered | 4,000,000 | Offer Date | 06/30/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 4,000,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $60,000,000 | Selling | $0.630 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 26,301,100 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| Thomas Weisel Partners LLC | Co-manager | (415) 364-2500 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||||
| Revenues | - | - | 0.000 | 3.359 | 14.647 | - | - |
| Income from Oper. | - | - | -0.276 | -2.129 | -5.467 | - | - |
| Net Income | - | - | -0.276 | -2.059 | -5.475 | - | - |
| E.P.S | - | - | - | - | -0.390 | - | - |
| Revenue Growth (%) | - | - | - | 336.052 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -5.78 | - | - | ||||
| Cash Flow - Inv. | -2.21 | - | - | ||||
| Cash Flow - Fin. | 19.45 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 25.18 | Current Assets | 22.94 | Current Ratio | 2.01 |
| Total Liab. | 11.41 | Current Liab. | 11.41 | Debt Ratio | 45.33% |
| Total Equity | 13.76 | Working Cap. | 11.53 | Debt to Equity Ratio | 0.83 |
| Cash | 11.90 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and general corporate purposes including research and development, sales, marketing and customer support. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Registrar/Transfer Agent | Norwest Bank of Minnesota |
| Auditor | Ernst & Young |
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| Industry Competition |
We compete in a new, rapidly evolving and highly competitive market. We expect competition to intensify in the future. We believe that the main competitive factors in our market are product quality, features, cost and customer relationships. We believe a critical component to success in this market is the ability to establish and maintain strong customer relationships with a wide variety of international service providers and to facilitate relationships between those service providers to increase the geographic coverage of their services. Our principal competitors include large networking equipment manufacturers, such as Cisco Systems, Inc., large telecommunications equipment manufacturers, such as Lucent Technologies, emerging IP telephony technology companies, such as VocalTec Communications Ltd., and operational support systems, such as billing and network management, manufacturers. Many of our competitors are substantially larger than we are and have significantly greater financial, sales and marketing, technical, manufacturing and other resources and more established distribution channels and stronger relationships with service providers. These competitors may be able to respond more rapidly to new or emerging technologies and changes in customer requirements or devote greater resources to the development, promotion and sale of their products than we can. Furthermore, some of our competitors offer aggressive sales terms, including financing alternatives, which we cannot match. These competitors may enter our existing or future markets with solutions that may be less expensive, provide higher performance or additional features or be introduced earlier than our solutions. Given the market opportunity, we also expect that other companies may enter our market with better products and technologies. If any technology that is competing with ours is more reliable, faster, less expensive or has other advantages over our technology, then the demand for our products and services could decrease. |
| Business Plan |
Our strategic objective is to be the leading provider of comprehensive IP telephony solutions to service providers worldwide. Key elements of our strategy include: increase our penetration of the service provider market; provide the core technology enabling the delivery of a broad range of IP telephony services; target key growth markets worldwide; extend our technology leadership position; promote strategic relationships between our customers; and deliver added value through customer support and services. |