GlassHouse Technologies, a provider of cloud, virtualization, security and data center managed services, has pulled plans for an initial public offering, the company announced Tuesday. GlassHouse, which has raised money from investors including Sigma Partners, Kodiak Venture Partners, GrandBanks Capital, Globespan Capital Partners and Paladin Capital Group, cited volatile market conditions as the reason for nixing its IPO plans.
GlassHouse Technologies, a global provider of cloud, virtualization, security and next generation data center consulting and managed services, today announced that based on current market conditions, it has chosen not to proceed with its planned initial public offering at this time. The company intends to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
“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,” said Patrick J. Scannell, Jr., CEO of GlassHouse Technologies. “We are focused on being the leader in vendor independent services that provide strategy and operational support for our customers as they confront rapidly evolving end-user, cost and security demands on their IT environments.”
About GlassHouse Technologies
GlassHouse Technologies is a global provider of data center infrastructure consulting and managed services. In a rapidly changing IT environment, GlassHouse partners with customers to define a data center strategy, execute that plan and operate their environment, helping clients address the complexities of cloud, virtualization, security and next generation data centers. Our constant focus is on cost efficiency, risk mitigation and service improvement. This is provided through Transom, our unique business model comprised of proprietary software tools, methodologies and domain expertise. We help deliver on the promise of agility and usage-based spending in the next generation infrastructure paradigm. This journey is significant and requires an experienced and pragmatic guide to help customers achieve their goals. Our experience is based on thousands of projects in addition to ongoing daily operations of customer environments.