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Print Edition StoriesFriday, March 6, 2009
GlassHouse withdraws IPO
By Mass High Tech staff
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IT consulting firm GlassHouse Technologies Inc. has withdrawn its initial public offering, citing “current market conditions” as the reason, in a filing with the U.S. Securities and Exchange Commission. The company announced its IPO registration in December 2007, when it expressed hopes of raising $100 million.
The request for withdrawal was filed with the SEC on Thursday.
A vendor-independent business, GlassHouse uses consulting and management services to help companies integrate virtualization technology.
The Framingham-based firm went through six funding rounds, with its Series F financing pulling in $9.8 million in December 2008. At that point, the company had raised a total of $64 million, according to PE Hub reports.
GlassHouse announced in January that it had bought CSSG, a Chicago security services consulting firm for an undisclosed amount. The deal between the two companies adds data security assessments, optimization and policy framework to GlassHouse’s reach.
Before its IPO registration, GlassHouse spent $30 million in the course of one year, acquiring four companies: Chicago-based server virtualization consultancy RapidApp; London-based data center services company Data Center Moves International; and Israel-based companies MBI Advanced Computer Systems Ltd. and Integrity Systems Inc.
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