Nexsan Corp., which provides disk-based storage systems for mid-sized businesses and enterprises, withdrew its plans for an initial public offering on Monday, citing unfavorable market conditions.
The company had postponed its $55 million IPO in April 2010 and had not filed an update since March 2011.
The Thousand Oaks, CA-based company was founded in 2000 and booked $75 million in sales for the 12 months ended 12/31/2010.
Piper Jaffray was set to be the lead underwriter on the deal.
Will Nexsan ever succeed?
The company, born in 1999, got $40 million in financial funding, last known round being $11 million in 2007.
It tried an IPO in 2001 and 2008, and then in 2010 for $55 million.