Seven Networks files for IPO

Seven Networks announced Monday that it filed with the Securities and Exchange Commission for an initial public offering. Redwood City, Calif.-based Seven provides cellular carriers with software that gives subscribers wireless access to data services on portable devices. Seven targets mainstream consumers with its services.

The company did not say how many shares it plans to sell, but it is looking to raise $115 million. Proceeds of the offering will go toward working capital and general corporate purposes, according to the filing. The company had cash, cash equivalents and investments of $13.5 million as of Dec. 31. It had a net loss of $12.9 million on revenue of $6.9 million in 2003. The company applied for a Nasdaq National Market listing under the ticker symbol "SEVN."