GlassHouse Nixes IPO Plans
Given "current market conditions," Framingham-based IT services firm GlassHouse Technologies, fresh off a change in leadership, will not move forward with plans to take the company public.
"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.
The company announced in November that Scannell, a former executive at Marlborough-based Netezza, replaced Mark Shirman.
IPO activity fell in the middle of the year after getting off to a strong start in early 2011, according to Stephanie Chang, a research analyst with Renaissance Capital, an IPO investment firm based in Greenwich, Conn.
In the third quarter, there were 18 IPO deals, down from 33 in the same quarter last year, a drop of almost half.
But, so far in the fourth quarter, there have already been more than 18 IPOs, the same number as there were in the entire third quarter, reflecting a slight rebound.
WBJ Web Partners
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