BroadSoft Inc. said Tuesday it has accepted $10 million in mezzanine equity financing from Meritech Capital Partners.
The company, which has been rumored to be readying for an IPO, said it will use the funding for corporate purposes, including financing the continued growth of its operations and its expansion of market share in regions including Latin America, Eastern Europe and Southeast Asia.
“In the last two years, we have doubled our staff and expanded our European and APAC operations to ensure the success of our customers,” said Michael Tessler, president and CEO of BroadSoft. “We are well-positioned and leading the way in the network migration trend currently playing out as carriers increasingly begin to switch from traditional telephony systems to IP networks.”
Meritech Capital Partners, a late-stage venture capital firm and a new BroadSoft investor, was the sole investor in the $10 million Series D round. Meritech targets late-stage companies with proven and differentiated technology, rapidly growing revenue and seasoned management teams.
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