$35 million IPO

VoIP software maker Bridgewater Systems bridgewater.jpgraises $35 million in its initial public offering, selling more than 6.36 million shares at $5.50 each. The Ottawa-based company initially planned to raise $75 million at a share evaluation of $7.50 to $8.50, but investor disinterest forced the firm to halve the size and pricing of the IPO. The company will use net proceeds from the sale to expand consulting and design services, fund new products and to strengthen sales and marketing. Bridgewater’s stock will trade on the TSE under the symbol “BWC.”

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