Office phones around the world rang through BroadSoft's software, and almost nobody using them knew its name. The Maryland company sold to phone carriers and cable companies. They used its BroadWorks platform to offer businesses hosted phone systems, voicemail and conferencing over internet lines, with no switchboard in the office. By 2010 the old telephone network was giving way to internet calling, and BroadSoft filed to go public as one of the quiet winners of that shift.

Selling Through the Carriers

Michael Tessler and Scott Hoffpauir founded BroadSoft in November 1998. Tessler became CEO and Hoffpauir chief technology officer. The company began earning revenue in 2001, and it raised about $70.9 million from investors before its offering. The bet was that phone carriers would run their business customers' phone systems for them. BroadSoft sold through service providers worldwide, including some of the largest telecom equipment makers.

Cisco Picks Up

BroadSoft priced its IPO at $9 a share in June 2010 and listed on Nasdaq as BSFT. Hosted calling grew, and BroadSoft added cloud services of its own for business messaging and meetings. In October 2017 Cisco agreed to buy BroadSoft for $55 a share in cash, about $1.9 billion. The deal closed in February 2018, and BroadWorks became part of Cisco's collaboration business.

Cover: Two Men Conversing and Gesturing, Raphael. Art Institute of Chicago, public domain. Chosen for two men in conversation (a phone call).