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A bit more than a month after pulling the plug on a planned IPO, GlassHouse Technologies Inc. has taken in $4.4 million in a new debt funding round, according to an SEC filing.
A vast syndicate of 18 backers participated in the new debt financing, a filing with the U.S. Securities and Exchange Commission shows. The round has a planned top end of $5 million. Listed as related persons in the filing are Lou Volpe of Kodiak Ventures in Waltham, GrandBanks Capital general partner Charles Lax and Lt. General (Ret) USAF Kenneth A. Minihan, managing director at Paladin Capital Group, all directors of Framingham-based GlassHouse.
Last month, GlassHouse nixed its plans for an initial public offering that it had been hoping would bring in to the company $75 million. The company filed for the IPO in January 2010, but when last December rolled around, GlassHouse CEO Patrick Scannell Jr. said in a statement that “the economic climate continues to be volatile, and we feel these are not the optimal conditions for GlassHouse to move forward with an IPO.”
That was the second pass at an IPO GlassHouse had made. In 2007, it filed for a potential $100 million offering, which the company sat on for two years, finally pulling it in March 2009.
In November 2011, GlassHouse 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 CEO. Shirman was named a Mass High Tech All-Star in 2004, and Richard Scannell was named an All-Star in 2010.
A call to Patrick Scannell for comment was not immediately returned this morning.
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