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GlassHouse Technologies Inc. has, for a second time, announced plans to withdraw its initial public offering.
Similar to its 2009 IPO withdrawal, the Framingham data center infrastructure consulting firm cited market conditions as the reason.
“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,” Patrick Scannell Jr., GlassHouse CEO, said in a statement.
The company filed for a $75 million IPO in January 2010. It previous attempt at going public aimed for $100 million. GlassHouse has taken in funding through a Series F round, with Citrix Systems Inc. doubling its investment to $10 million in July.
Last month, the company appointed board member Patrick Scannell Jr. as the new CEO, taking over from co-founder Mark Shirman who resigned from the position.
GlassHouse was founded in 2001 by Shirman and Richard Scannell, no relation to the newly appointed CEO. Shirman was named a Mass High Tech All-Star in 2004, and Richard Scannell was named an All-Star in 2010.
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