Some things to consider:

1) Insiders purchases as recently as 10/1 -- Source: http://www.mffais.com/vg

2) Vonage App Approved For iPhone
Source: http://www.businessinsider.com/vonag...-iphone-2009-9

3) Coming out with an app for Blackberry

4) Some crunched numbers:
Telecoms spend around $250-300 per new subscriber account, at least this is what I read.
But if the figure is correct, Vonage subscribers (2.5M as of 09-01-2009) are worth between 625 and 750 million dollars to potential buyers (very conservative estimate, ~$5/share).
Now that is only cost of new telecom subscribers.

What if potential buyers like TW and Comcast can covert Vonage subscribers to bundle accounts that cost $120+ per month? Easy to see we’re talking big, big, big money.