iBasis raises $31.5M

In a private sale of stock, Burlington-based iBasis Inc. has raised $31.5 million which it intends to use for general corporate purposes. IBasis carries telephone traffic between countries by sending voice over Internet protocol, cutting costs by lessening the need for carrier clients to reserve dedicated circuits to transfer signals. It also sells retail prepaid calling cards that use VoIP technology. The company sold 15 million shares at $2.10 each, 2 cents below their closing price Friday. The company did not immediately identify the purchasers except to say they were both new and existing investors. more...

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September 27, 2004 3:38 PM