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FusionStorm Global Inc., an information technology and cloud computing company, plans to sell up to $175 million of common stock to help pay for prospective mergers and pay off debt.
The Woburn-based company’s initial public offering comes at a difficult time as other companies postpone offerings amid a stock market rout. However, FusionStorm said in 2010 it generated a gross profit of $123 million on revenue of $727 million.
The company said it has offices and facilities in 23 locations across the United States, as well as leased and licensed space in eight data centers, including two in Europe, to support hosting services.
The lead underwriter on the IPO is Needham & Company LLC.
FusionStorm said its debt includes a working capital line of credit that totaled $18.8 million at the end of March. Total debt from predecessor companies totaled about $29 million at the end of March, according to a filing with the U.S. Securities and Exchange Commission.
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