Varolii expects to raise more than $86 million in IPO

SEATTLE Varolii Corp., a communications system software firm, has announced plans to raise over $86 million for their initial public offering, reports said last week.

Formerly known as Par Communications 3, Varolii is used by pharmacy retailers, drug manufacturers and hospitals in order to help them improve their healthy living, wellness, and disease management programs. The company said that by “automating more of the patient outreach process frees call centers to focus on more complex issues while simultaneously providing better support to patients.”

"[Varolii] intend[s] to use up to $9.3 million of the net proceeds of this offering to repay outstanding indebtedness,” Seattle-based officials wrote in the SEC filing. “The remainder of net proceeds will be used for working capital and general corporate purposes."

In the past three years, company officials said the company, which makes communications systems software, lost about $8.7 million and its accumulated deficit was approximately $32.1 million.

The stock will be traded on the NASDAQ exchange under the stock symbol "VRLI."