Integrator GlassHouse kicks IPO plans into touch again
'Volatile' economic conditions ground 2nd takeoff attempt
GlassHouseTechnologies has for the second time shelved plans for an initial public offering (IPO) in the US due to the uncertain economic outlook.
The virtualisation, security and data centre integrator will withdraw its registration statement on Form S-1 filed with the SEC in 2010, it had been seeking to raise $75m.
“Obviously the economic climate continues to be volatile, and we feel these are not the optimal conditions for GlassHouse to move forward with an IPO,” said GlassHouse Tech boss Patrick Scannell Jr.
He added: “We are focused on being the leader in vendor independent services that provide strategy and operational support for our customers as they confront rapidly evolving end-user, cost and security demands on their IT environments.”
The integrator previously filed IPO papers in late 2007 as it looked to raise $100m but the cold winds of recession scuppered those plans too. ®