Scopus raises $31.5 million on Nasdaq
14.12.05 | 09:34 By Omri Cohen
Internet television technologies provider Scopus Video Networks has completed its Nasdaq flotation, raising $31.5 million at a disappointingly low company value of $92 million. The company had originally hoped to join the tech-heavy arena at a company valuation nearer $157 million, but it flopped on the pricing stage and decided to scale back its share price.
Shares in the Israeli company will be traded with the symbol SCOP.
Scopus, formerly known as Scopus Tadiran, sold 4.5 million shares at $7 each, raising as said $31.5 million gross. .
Scopus's products include encoders, decoders and network management products, which it markets to satellite, cable and telecom service providers and terrestrial broadcasters.
It plans to use the net proceeds from the IPO for sales and marketing, product research and development, working capital and general corporate purposes.
The company, founded in 1995, only broke even in the third quarter of 2005. For that quarter it posted sales of $11.6 million, up 35% year over year. Its operating profit was $137,000 and its net profit a wee $180,000, but in the parallel quarter it had lost a million dollars.
Scopus today has 250 employees working at its headquarters in Rosh Ha'Ayin. It is managed by its founder, David Mahlab.