Wireless e-mail company Seven pulled its plans for an initial public offering, but said it plans to hold an IPO at an unspecified later date. The news comes in conjunction with the company’s third round of venture financing, although it did not say how much it raised.
Seven’s withdrawal from the IPO market follows similar moves from other wireless companies, including CellStar Corp. and MetroPCS. However, companies such as InPhonic and Jamdat Mobile Inc. have recently managed successful IPOs.
“Seven has clearly demonstrated that we have a winning approach to delivering mobile messaging beyond the nascent market that it is today. We have reduced cost and complexity while supporting the broadest range of networks and devices across the world’s leading operators. We firmly believe that we are in position to grow the mobile messaging market to scale,” said Kent Thexton, Seven’s president and co-chief executive officer.
Seven raised a total of $55 million in its two previous fund-raising rounds.
