Initiate Systems Cancels IPO

Initiate Systems Inc., a Chicago-based provider of master data management software, has withdrawn registration for a $75 million IPO, citing unfavorable market conditions. The company had planned to trade on the Nasdaq, with Goldman Sachs serving as lead underwriter. Shareholders include Sigma Partners (29.6% pre-IPO stake) and Apex Venture Partners (11.8%). www.initiatesystems.com