GlassHouse Files for $75 Million IPO

Planning to trade on NYSE

This is a Press Release edited by StorageNewsletter.com on February 1, 2010 at 3:41 pm

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GlassHouse Technologies, Inc. has filed for a $75 million IPO. It plans to trade on the NYSE, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.

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The company had filed for a $100 million IPO on Nasdaq in 2007, but withdrew at the beginning of 2008 for "current public market conditions." Goldman Sachs was lead underwriter on the offering. Will this one be the good one?

Founded in 2001 and based in Framingham, MA, GlassHouse is a provider of storage consulting and services. It reports $65 million in revenue for the first nine months of 2009, compared to $62 million in 2008.

Since 2003, it acquired 12 companies:

Auspex (services & support of)
CycleBridge Technologies
Sagitta Performance Systems
Source Consulting
The Storage Group
PowerPM
MBI Advanced Computer Systems
RapidApp
Data Center Moves International
TPP Group
CSSG
Systems Group Integration

The firm raised around $72 million from Sigma Partners, GrandBanks Capital, Kodiak Venture Partners, Paladin Capital Group, Jafco, Cisco, Montagu Newhall Associates, Shiprock Capital and Dell.

Here are the known storage companies
that succeed in IPO since 2000:

glasshouse_storage_ipo

Note: Amount raised in $ millions

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