|OnwiTrust, NRI and Lattice3D jointly debut Web-Based Application to prevent unauthorized copying and printing of design information
MOUNTAIN VIEW, Calif. ? June 29, 2004 ? OmniTiustim Security Systems, Inc., Nomura Research Institute (NRI) and Lattice3D today unveiled the 3D Protected Browser, a Web browser protection system that prevents the unauthorized copying and printing of CAD- and polygon-based design data as it is being shared and viewed.
3D Protected Browser, developed and released by OmniTnistTM with help from Nomura Research Institute, protects proprietary design data from being captured and misused by individuals that may be exposed to it through the design review or bid processes, enabling manufacturers to feel more secure when valuable data assets are revealed to others in the supply chain. The need for this product has developed from the rapid rise in outsourcing of manufacturing to less-costly economic regions, which requires that valuable and confidential design data be sent out of the company. Until now, there has been no way to prevent misuse and theft of valuable design assets after they are distributed.
3D Protected Browser also enables secure but rapid network and email-based publishing and sharing of 3D CAD data through the use of Lattice3D’s XVL compression. 3D CAD design data typically results in very large file sizes. but XVL can compress the data in a loss-less form to approximately I/100 allowing it to be easily shared between divisions in a company including production, sales, service and marketing. XVL is already used by more than 2.000 major manufacturing companies who benefit from its 3D publishing and compression tools.
“The 3D Protected Browser is a critical technology that will increase the value of design data assets, as well as make those assets more secure for manufacturers in a global market,” said Alex Garcia Tobar, CEO, Lattice3D Technologies. -Ile 3D Protected Browser provides an important tool for professional users and developers to guard their designs and keep them from being manipulated and misused. File security is essential and 3D Protected Browser allows users to feel confident about the safety and authenticity of their files.”
Available as simple HTML and web server plug-ins. 3D Protected Browser enables employees to view customer design information on their screens, and to input data into fields, but not print, copy, save or screen-capture. When viewing 3D CAD data using XVL Protected Browser, users can set up controls to prevent screen capture, file saving, and printing.
|New Product Protects Confidential Customer Data in Public Environments Such as Call Centers and Customer Service Organizations
MOUNTAIN VIEW, Calif. – (BUSINESS WIRE) – May 18, 2004 – OmniTrust(TM) Security Systems, Inc. (formerly Probix, Inc.), a provider of content protection security services, today announced Protected Browser, a product that helps solve the mounting challenge of protecting confidential customer information from misuse — a widespread and, until now, unsolved problem that has evolved into a “national epidemic.”
Protected Browser prevents employees such as call center or customer service representatives having daily access to confidential information in their database — such as bank records, credit card numbers and social security numbers — from capturing or otherwise misusing this information. Thus, consumers can transact business with confidence with vendors that use Protected Browser, even if the vendor has support centers in other countries.
Available as simple HTML and web server plug-ins, Protected Browser enables employees to view customer information on their screens, and to input data into fields, but not print, copy, save or screen-capture it — eliminating the possibility of mass identify theft and other misappropriation, and ensuring compliance with new privacy laws.
Confidential Customer Information Increasingly at Risk
A growing number of screen scraper products — more than 400 — make it easy for users to copy data off a screen. This technology, combined with a red-hot market for customer information among direct marketers, has fueled a massive increase in the sale of confidential customer information. Imposters can not only sell customer information but also use it to obtain credit, merchandise and services in the name of the victim. The victim is left with a ruined credit history and the time-consuming and complicated task of regaining financial health. There have even been incidents of imposters using the victim’s name for criminal activities. In the U.S. alone, an estimated seven million consumers were victims of identity theft in 2002.
The problem has become so widespread that a number of regulations around the world have been enacted to help protect confidential information, including the Gramm-Leach-Bliley Act and the Privacy Protection Law in Japan.
Identify theft and other information misuse is further exacerbated by the now commonplace practice of business outsourcing — a money-saving strategy of farming out business functions such as call centers and customer support functions — to other countries where labor is cheaper. Companies choosing to outsource such operations are nevertheless required by law to protect confidential customer information, even if that data is shipped to a different country. “Until now, most companies haven’t done enough to protect their customer data, whether the employees accessing the data are located in-house or outsourced to a third party,” according to Don Bell, president and founder of MailboxSecurity, Inc. “Most organizations do deploy encryption, virtual private network, and firewall security measures, but you still have the human factor. While the vast majority of workers are honest, it only takes one to ruin a customer financially. Protected Browser will help put an end to this epidemic.”
“Most consumers don’t have any idea how easy it has become for people to obtain and distribute or sell their private information to outsiders,” according to Michael Mansouri, president and CEO of OmniTrust Security Systems, Inc. “We developed this product to prevent this practice, so that consumers can do business with vendors without fear of personal information abuse. Already, such companies are showing tremendous interest for it. We also expect that consumers will have enhanced loyalty to those vendors who are making an effort to safeguard their private information.”
Easy to Install, Use
Corporate information technology departments need only install a plug-in for any web server containing protected content in order to deploy Protected Browser. No integration with back-end systems is required. An administration tool makes it easy to tag the directories of specific web pages that require protection.
On the client side, the Internet Explorer plug-in can be distributed freely and easily to user desktops. Once users download the plug-in, they will have a new toolbar hidden in their browsers. Users won’t see Protected Browser working until they choose to view a protected page, whereupon the word “protected” appears in their toolbar. No hardware or additional software is required; Protected Browser simply acts as a secure viewer when users access confidential HTML content and database information.
Pricing and Availability
Available now, Protected Browser is priced from $25 – $50 per seat; web server-based pricing is also offered. Volume discounts and reseller pricing are available.
About OmniTrust Security Systems, Inc.
OmniTrust Security Systems, Inc., formerly Probix, Inc., enables organizations to share highly confidential information with customers, partners, suppliers and employees in a secure, auditable manner. The company’s products secure complex content on web sites, portals, document management systems and email. Patent-pending technology facilitates usage policies and enforcement, and revokes access — even after delivery — to unauthorized users with a detailed audit trail. As a result, corporations and government agencies remain in permanent control of their confidential information. With headquarters in Mountain View, California, OmniTrust has sales offices in North America and the Asia Pacific. For more information, visit www.omnitrust.com.
|Former CIA General Counsel to Further Steer Content Security Company into Government Marketplace
MOUNTAIN VIEW, Calif., (April 6, 2004) – OmniTrustTm Security Systems, Inc. (formerly Probix, Inc.), a leading provider of content security services, today announced that Robert M. McNamara, Jr. has joined the company’s advisory board. McNamara will assist in the strategic planning of addressing the unique needs of the government marketplace.
“Clearly, all government agencies, particularly those engaged in national security and intelligence, put a high priority on safeguarding sensitive or classified information,” according to McNamara. “In the past, securing information after it has been delivered to various constituencies has presented a major challenge. OnmiTrust appears to have solved.this problem more effectively than anything I’ve seen.”
McNamara, whose illustrious career in public service has spanned four decades, is currently a partner at Malian, Phelps & Phillips, LLP law firm in Washington, DC and sows as managing director of Martin t Jones Global Strategies, LLC, the firm’s international consulting subsidiary. McNamara was appointed General Counsel for the CIA in November 1997 by President Clinton. In that capacity, Mr. McNamara served as the Agency’s chief legal officer, ensuring the CIA complied with U.S. and international law in providing foreign intelligence to the president, the National Security Council and other senior officials executing national security policy.
Before being appointed General Counsel to the CIA, Mr. McNamara served as Assistant General Counsel for Enforcement at the Department of the Treasury. Prior to that, he was Deputy Director of Enforcement at the Commodity Futures Trading Commission, which oversees institutional markets and regulates commodity professionals. Mr. McNamara also served as General Counsel of the Peace Corps, Legislative Counsel to the U.S. Senate Judiciary Committee, Assistant U.S. Attorney and Assistant Majority Counsel of the U.S. Senate Watergate Committee.
McNamara graduated in 1973 from Georgetown University Law Center, received an A.B. from John Carroll University in 1968 and a B.A. from Mount Carmel College in 1967.
“That a luminary of McNamara’s caliber and profile should engage with us is testament of the glaring need to more effectively protect sensitive information – from inception through delivery and afterward,” said Michael Mansouri, president and CEO of OmniTrust Security Systems. “I am gratified that Bob recognizes in OmniTrust a solution to a grave problem of national dimensions: as a result, I have no doubt that Bob will further our efforts immeasurably in penetrating the government marketplace.”
|Fast-growing content security company extends corporate security perimeter,
enabling organizations to communicate safely with outside entities
MOUNTAIN VIEW. Calif, ? January 27. 2004 ? OmniTrustrm Security Systems. Inc. (formerly Probix. Inc.), a provider of content protection security services, today announced a broad range of products and services designed to extend corporate security perimeters by safeguarding confidential company information indefinitely, even after the information has been distributed. As a result. organizations can freely collaborate with customers. suppliers. employees and partners without fear that confidential data will be misused. and brings them into compliance with new information confidentiality laws.
The company also today announced the conclusion of a funding round (sec press release entitled. OmniflusiTM Security Systems (formerly Probix) Lands $6 Million in rtmding).
Confidential information normally unprotected after delivery
Most companies have technologies in place to protect confidential information from unauthorized use while on the company premises and in transit over the Internet. However, once that information is actually delivered. all bets are off. Until now, there has been no way to revoke usage rights or otherwise protect information after the data has been sent.
Without any post-delivery provisions in place, companies and government organizations are open to an endless array of potential security breaches, and propriety information loss. Recent examples of such misappropriation carry consequences ranging from embarrassment ? such as the interception and distribution of compromising missives – to business-threatening, such as competitive losses and financial communication interception affecting stock prices. In fact, approximately 40% of all computer-related security losses are due to such information theft * The problem has become so widespread that a number of regulations have been implemented to help prevent electronic information misuse. including the Sarbanes-Oxley (SOX). Gramm-Leach-Bliley, and HIPAA guidelines for protecting confidential information.
Now: security perimeter can be extended to protect information indefinitely
OnmiTrust has responded to this critical information security threat with the Trustee line of non-intrusive, standards-based, cross-platform solutions. The Tnistee products encrypt and then wrap content with extremely detailed usage policies. accompanied by mobile code that travels with the information permanently. These measures allow companies to centrally configure and control exactly how electronic content will be used and by whom, even after the content has been distributed via the Internet. email, web portals, or any other means of electronic communication. In addition to eliminating the numerous pitfalls of confidential information loss, this ability significantly reduces legal liabilities, and brings companies into compliance with confidentiality regulations.
“OniniTrust represents a breakthrough in trusted communication and collaboration. delivering a true end to end content security solution.” according to Don Bell, president and founder of MailboxSecurity, Inc., an OnmiTrust customer and partner. “While most security vendors offer technologies that protect some segment of the company’s sensitive information. or protect such
information while on the company premises and/or in transit over the Internet. this is the first solution I’ve seen that keeps all company information safe – permanently.-
Trustee product line
Information theft has wrought a great deal of damage in corporate America, from financial and competitive losses to noncompliance with privacy regulations. and loss of good will,” according to Michael Mansouri. president and CEO of OmniTrust. “OnmiTnist represents an enormous relief to companies that need to protect confidential information. for now they can do so easily, inexpensively, and permanently. Our customers see OnmiTnist as a way to extend their enterprise security perimeters.”
Pricing and availability
|NRI’s strategic investment fuels fast-growing content security company
MOUNTAIN VIEW, Calif. January 27, 2004 – OmniTrust’ Security Systems, Inc. (formerly Probix, Inc.), a leading provider of content security services, today announced it has closed six million dollars in funding. Tokyo-based Nomura Research Institute (NRI), a multi-billion dollar consulting firm and leading system integration house in Japan, participated in the round as a strategic investor.
This investment from NRI is augmented by follow-on investments from Walden International; Global Catalyst Partners;
NRI’s strategic investment is part of a preferred partnership with OmniTrust Security Systems, initiated in early 2002, in which NRI enables corporations, particularly in the financial and manufacturing markets, to protect confidential digital documents utilizing the OroniTrust Security Systems solution.
“Over the past two years, we have seen strong demand for protecting confidential information after it leaves the originator,” according to Masaki Tochizawa, corporate vice president at NRI. “After a large number of highly visible corporate losses, and ensuing legislation to safeguard content after delivery, customers are lining up to secure their information assets. OmniTrust Security Systems delivers a proven set of products, and is an ideal investment for us in this vital market segment.”
OmniTrust Security Systems will deploy the funds to enter its next, high-growth stage of continued product enhancement and development for its suite of products that enable organizations to safeguard sensitive information, even after it has been delivered. The company will also focus on aggressive customer acquisition, adding to the current momentum of new customers eager to retain control of sensitive corporate information at all times. Already, the company has enjoyed strong acceptance for its suite of content protection security products with over 30 new customers over the past year.
“Most security technologies today do an adequate job of securing company data through firewalls, application security products and encryption schemes. However, without a comprehensive security plan in place, corporations do not have complete control of their data, thus leaving highly sensitive information exposed and vulnerable to theft or misuse by employees or trusted partners,” according to Michael Mansouri, president and CEO of OmniTrust Security Systems. “The content security problem has become so acute that a plethora of new laws and regulations such as Japan’s Privacy Law, Gramm-Leach-Bliley, H1PAA regulations and Sarbanes-Oxley guidelines, have been established to shore up the losses. This is where OmniTrust comes in, to create a Trusted Environment that protects information from misuse at all times. The market is ready for this, as exemplified by investor enthusiasm and strong customer acceptance.”
|Michael Mansouri has over 25 years experience in high tech software and systems, telecommunications, data communications and information systems industries serving U.S., Latin America, Asian and European markets. Mr. Mansouri has a proven track record in general management, P&L management, sales/marketing, and deployment of software, systems, and networks worldwide. He is skilled in raising capital, building sales channels, scaling companies to profitability, preparing for IPOs, creating strategic alliances, preparing M&A activities, managing complex sales for both services and turnkey solutions (hardware & software), launching new service initiatives and attracting and leading top industry executives.
Mansouri joined OmniTrust Security Systems (formerly Probix, Inc.), a leading provider of IT content security software, as president and CEO in the spring of 2002. The company, founded in 1999, is privately held and backed by prominent venture capital firms and strategic investors such as Walden International, Nomura Research Institute, Mitsui Sumitomo Insurance, Diamond Capital, Lucent Venture Partners, Vertex Management and Global Catalyst Partners. In the fall of 2002 Nomura Research Institute (NRI), one of the largest system integrators in Japan, selected OmniTrust exclusively to offer security solutions. OmniTrust, with its strong blue chip corporate reseller pipeline and patent pending technology, has a two year head-start on its competition in Japan and a growing customer base of Global 2000 corporations. The company is widely regarded as the de facto content security solution in Japan and Korea.
Prior to OmniTrust Security Systems, Mansouri was chairman, president and CEO of iPass Inc. (NASDAQ:IPAS), a premier provider of global remote access services from 1999 to 2001. Mansouri grew the company from $2.8M in revenues in 1998 to over $52 million in 2001. He achieved over twelve quarters of continuous revenue growth, increased gross margin percentages by two times over the same time period and fully funded the company to profitability in early 2001. Mansouri raised a total of $75 million during his tenure at iPass, with $25 million in 1999 and $50 million in 2000 (after pulling the S1 in 2001 due to adverse market conditions). Key investors included Cisco ($20 million), Equant, Comdisco, Rogers Communications, Intel, Sandhill Capital as well three original investors, Crosspoint, Accel, and Asia Pacific Venture Partners. In July of 2003, the company completed one of the most successful IPOs of the year. Mansouri’s strategic direction and market vision were the guiding forces behind the development of iPass’ service initiative with Cisco Systems in 2000, which created the industry’s first global broadband roaming offering in Internet hot spots such as airports, hotels and convention centers. The relationship with Cisco and the broadband network providers was a driving force in the company’s IPO as it uniquely positioned iPass for providing access anywhere, on any device and any network. Under his direction, iPass was also the first to provide secure global remote Internet access from PDAs, and was the industry’s first service provider to offer an integrated VPN and Personal Firewall solution for remote access. During his tenure at iPass, the company moved into a leadership position with over 850 ISP and carrier (85% of the tier 1 global ISPs) customers and over 700 global multinational corporate customers. Mansouri started the Asian, Australian and European operations and increased the staff from 65 to 280 globally. He grew the number of iPass resellers to over 850 worldwide, launched the direct sales channel in the US with over 50 sales staff and repositioned the ISP and carrier channels to complement the reseller channel. Mansouri also tripled the company’s remote access network coverage to 150 countries and 14,000 access points by integrating nearly 180 networks globally including Level 3, UUNet & CompuServe, Genuity, Sprint and Equant. Under his leadership iPass was selected by Computerworld magazine as one of the “Top 100 Emerging Companies to Watch in 2002”. The company was recognized for the significant value it brought to corporate IT as well as for its creative thinking and ability to execute strategy in emerging markets. During the same time iPass was identified as one of “San Francisco’s Top 50 Companies to Watch”.
Prior to joining iPass, Mansouri served as COO of broadband services at Teleglobe Business Solutions, formerly Telco/Teleglobe. At Teleglobe, he defined the company’s data communications strategy and launched Broadband services to the business sector, complementing Teleglobe’s global carrier division as well as its small business and consumer division (Excel Communications).
Before Teleglobe, Mansouri was a corporate officer and vice president of marketing for intermedia Communications/Digex (now MCl/WorldCom) where he was responsible for the development of enhanced data services and played a key role in the acquisition of Digex, which contributed to a significant stock increase ($15 to $75 per share nine months after the acquisition). Later as vice president of market management, he developed the channel strategy for data, Internet, voice and local services. He launched programs to increase product margins, created sales channel efficiencies, and achieved corporate financial objectives for a segment with nearly $60 million in annual revenues.
As executive vice president and general manager for advanced data services at American Communications Services Inc. (ACSI), Mansouri held profit/loss responsibility and led the sales, marketing, promotion, product management, strategic alliances and engineering/operations groups. He was also responsible for directing the development of the industry’s first integrated ATM/FR/Internet service, from concept to commercial launch.
Prior to ACSI, Mansouri held several senior level management positions over a 10-year period in different divisions of Sprint International (now France Telecom/Global One), where he consistently exceeded his revenue and P&L targets, successfully launched marketing and sales programs increasing product margins, formed strategic alliances and developed international business opportunities.
A frequent speaker at key industry events worldwide, Mansouri holds a Bachelor of Science degree in Computer Science and Statistics from Utah State University, a Master of Science degree in Management Sciences from George Washington University (where he graduated Omega Rho) with a minor in Management Information Systems, and has completed the MIT Sloan School of Management program in corporate strategy.
|Probix selected as a featured company for ABC’s BusinessNOW program, October 2002
Selected ComputerWorld’s Top Emerging 100 Companies for 2002, September 2001. iPass was recognized for the significant value it brings to corporate IT as well as for its creative thinking and ability to execute strategy in emerging markets.
Awarded Best Vendor at VARVision Europe 2001 Conference, Madeira, Portugal, June 2001
iPass selected as one of “San Francisco’s Top 50 Companies to Watch”, April 2001
iPass selected as a featured company for ABC’s BusinessNOW program, April 2001
Launched industry’s first Global Broadband Roaming service in partnership with Cisco Systems, Las Vegas, NV, October 2000 Won Gartner EnterpriseVision Award for Best Strategy at Gartner Enterprise Vision Conference, London, February 2001
KEY CONFERENCE PRESENTATIONSProbix Inc. ? Extending the Corporate Security Perimeter
Walden International CIO Roundtable, June 19, 2003
Delivering Secure Broadband & Wireless Remote Access to Business Travelers CommunicAsia, Singapore, June 19, 2001
Implementing Secure Global Remote Access Connectivity Solutions
iPass Inc.: Ensuring Secure Global Remote Connectivity
Designing and Implementing Global Remote Access Solutions
iPass Inc: Ensuring Secure Global Remote Connectivity for Mobile Professionals Technologic Partners, San Mateo, CA, February 12, 2001.
iPass Inc.: Enabling Secure Remote Connectivity
Internet Access Options for Deploying for Deploying Remote Access VPNs
“Broadband Everywhere: Who didn’t see this coming?”
“Wireless Broadband Access: A profitable, viable business service”
At the end of last year, industry analysts and service providers were touting how wireless broadband Internet access service in hotel rooms and other “hot spots” ? like airports and convention centers ? would be the difference between attracting business travelers and losing them to competitors. Yet, recent writings on the subject differ with original projections.
In our opinion, wireless broadband Internet is still a growing, viable market with a solid future. The carriers and service providers who are committed to this market will succeed in the long run. ISPs first recognized this trend as they started to build out their wireless networks for hotspots, and the demand continues to grow today.
Case in point. The Travel Industry Association of America noted a 200 percent increase in Internet use by business travelers between 1996 and 2000. By 2005, more than 50 percent of business IT access will be conducted outside the office, according to Cahners In-Stat. Moreover, the Strategis Group projected last February that mobile data would reach 60 percent penetration in the U. S. by 2007, as mobile subscriptions reach 172 million? up from 5 million last year. Broadband has become so prevalent in the lives of people everyday, that employers and their mobile professionals are beginning to expect this same service to be available on the road from any device, anywhere at anytime.
As the market has started to grow beyond the embryonic stage, carriers and service providers are looking for partners to complement their offerings, and help increase the adoption rate of remote wireless broadband access by enterprises and mobile professionals. A challenge for many business travelers today is dealing with multiple carriers, multiple invoices and varying levels of service, since no single service provider covers every hotel worldwide. Security and VPN integration environments also change from provider to provider, adding to the frustration experienced by the jet-setting work force, and the anxiety of its corporate IT departments. In the end, the burden to the customer becomes a significant obstacle. Mobile professionals don’t have the time to
sort through all these parameters every time they check into a hotel room, attend a trade show or land at an airport.
Wireless broadband Internet access providers can obtain new customers faster by partnering with an aggregated service, following the process that saw the accelerated acceptance of dial-up remote access in the mid-1990’s. Providers that integrate various wireless broadband points of presence (Pops) from carriers and ISPs to form a global, high-speed, Internet network will give business travelers the footprint they demand. This model also incorporates a single billing structure, cross-network authentication and security functions, and a simple interface, providing mobile professionals the case of use they need. Corporations are also able to take advantage of their buying power with one global service provider and provide a common experience for their users. Users will be able to obtain access more easily wherever they go without worrying about varying standards. The aggregator, in this scenario, is a neutral, third party that ties all the otherwise fragmented services together seamlessly.
To be effective in this environment, the aggregator must develop software that is interoperable and customizable with leading VPN, firewall and authentication solutions to meet the unique security policies of each corporation. Given the variation of wireless broadband connectivity in the global corporate environment, the aggregator needs to support multiple platforms for various devices, such as laptops, desktops, PDA handhelds, and any other peripherals the future might hold_ Redundancy and reliable quality of service needs to be an important facet of the software as well. Initially, the software needs to be based on 802.11 standards, the prevailing technology for wireless data communications.
This scenario is a “win-win” situation for hotels and their service providers, Carriers and ISPs can deliver wireless broadband access outside their service areas, resulting in new revenue streams, differentiation from competitors, customer acquisition and retention. Likewise, hotels, convention centers and other hot spots will also see an increase in the overall uptake and usage from business users, and therefore, will improve revenues.
To those who believe the global wireless broadband Internet access in hot spots is not an attractive market, we respectfully disagree. We saw this same conflict with dial-up networks five years ago. Since then, we’ve made it our business to complement carriers, service providers and enterprises. And it’s working. About the author:
Michael Mansouri is chairman and CEO of iPass, Inc., a Redwood Shores, Calif., global Internet access provider. iPass delivers a total integrated solution for corporations (or IT departments) facing the complex task of implementing and supporting secure, cost-effective global remote access for its mobile employees. Using its patent-pending settlement and authentication technologies, iPass aggregates multiple providers throughout the world, creating a fully-redundant and highly-scalable global network. Fully interoperable with leading authentication, VPN and firewall solutions, the iPass service can be seamlessly integrated into all types of enterprise security infrastructures. With data rates ranging from dial-up to broadband, iPass offers the world’s largest remote access network with 12,000 unique points of presence (POPs) in 150 countries. For additional information, visit the iPass Web site at http://www.ipass.com
Michael Mansouri, chairman and CEO of Wass, Inc
Michael Mansouri has been named president and CEO of Mountain View software maker Probix Inc.
Mr. Mansouri is a veteran senior executive, with more than 20 years of experience in the global data communications and information systems industries, most recently as chairman, CEO and president of iPass Inc.
?Michael has a proven track record of growing companies from early-stage to market leadership. His caliber of leadership and vision is exactly what Probix needs to ensure its continued success.? Say Kamran Elahian, chairman of Global Catalyst Partners, and chairman of Probix.
Privately held Probix says its software enables businesses to retain control of their intellectual property and ensure secure collaboration between trusted users at all times.
WASHINGTON. Jan 24 (Reuters) ? IPass Inc., a provider of wired and wireless broadband services at airports and hotels, filed on Friday with the Security and Exchange Commission to raise $50 million in an initial public offering.
outstanding debt and for general corporate purposes, including working capital and capital expenditures.
IPass, based in Redwood Shores, California, did not disclose in the preliminary SEC filing how many common shares it plans to sell or the price range. That information is expected in later filings.
The virtual network operator has applied for a Nasdaq listing under the symbol “IPAS” (Nasdaq:IPAS – News) and it hired Morgan Stanley, Credit Suisse First Boston, SG Cowen and Thomas Weisel Partners to handle the deal.
IPass said revenues increased to $92.8 million in 2002 from $53.2 million the year before. It posted significant operating losses in each quarter from its inception in 1996 through the first quarter of 2002.
Though it was profitable in 2002, a large portion of net income that year was due o a nonrecurring tax benefit, the company said in the SEC filing.