GlassHouse Technologies, a provider of cloud, virtualization, data center infrastructure and security consulting and managed services, this morning announced that it will not proceed with its planned IPO, citing ‘current market conditions’ as the primary reason.
The company said it intends to withdraw its registration statement on Form S-1 as filed with the SEC.
GlassHouse originally filed to go public to raise $75 million in early 2010. In fact, they filed for a $100 million IPO back in 2007, too, but withdrew that filing in March of 2009. They cited ‘current public market conditions’ back then as well. Perhaps third time’s the charm?
“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 Patrick J. Scannell, Jr., who was very recently named CEO of GlassHouse Technologies.
Will they ever hit the public markets and provide their shareholders with a decent return?