IT consultancy GlassHouse files for $75 million IPO

IPO market showing signs of life

IT consulting firm GlassHouse Technologies has filed for a $75 million initial public offering, after canceling a previous attempt to go public.

GlassHouse initially filed a $100 million IPO registration with the Securities and Exchange Commission in December 2007, but pulled the plug on the IPO in March 2009 because of poor market conditions.

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The IPO market is starting to show signs of life, but GlassHouse still reduced its proposed IPO to $75 million in its latest filing, issued last Thursday.

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IT consulting firm GlassHouse Technologies has filed for a $75 million initial public offering, after canceling a previous attempt to go public.

GlassHouse initially filed a $100 million IPO registration with the Securities and Exchange Commission in December 2007, but pulled the plug on the IPO in March 2009 because of poor market conditions.

Products of the Week slideshow  

The IPO market is starting to show signs of life, but GlassHouse still reduced its proposed IPO to $75 million in its latest filing, issued last Thursday.

GlassHouse was founded in 2001 and specializes in data center migrations, green technology and storage. The company has reportedly raised more than $72 million in venture capital funding, and generated $65.7 million in revenue in the first nine months of 2009, up from $63.1 million in the same period the previous year. GlassHouse reported a net loss of $4.7 million in the first nine months of 2009, after losing $23.3 million in 2008, according to the company's IPO filing.

If the IPO is completed, GlassHouse shares will trade on the New York Stock Exchange.

The IPO market struggled in 2008 and 2009, but analysts have predicted an increase in both IPOs and mergers and acquisitions for 2010. The security vendor Fortinet went public in November, and Motricity filed for an IPO of $250 million two weeks ago.

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