Internet communications company BroadSoft Inc BSFT.O filed to raise up to $103.5 million in an initial public offering on Monday.

Gaithersburg, Maryland-based BroadSoft sells software that enables voice and multimedia Internet communications. It said in a filing with the U.S. Securities and Exchange Commission that its competitors include Cisco Systems Inc (CSCO.O) and Huawei Technologies Co Ltd [HWT.UL].

The company did not specify how many shares it planned to sell or the expected price range.

BroadSoft posted an 11.4 percent increase in revenue to $68.9 million in 2009. It narrowed its net loss to $7.9 million from $11.2 million.

The company said it will use proceeds from the offering to redeem and cancel outstanding shares of preferred stock, repay outstanding credit, and for working capital and general corporate expenses.

Major shareholders include funds associated with Bessemer Venture Partners, Grotech Partners and Charles River Ventures.

The underwriters are being led by Goldman Sachs & Co and Jefferies & Co. BroadSoft plans to list on the Nasdaq under the symbol "BSFT."

source:reuters