Storage provider BlueArc withdraws IPO filing
BlueArc, a San Jose, Calif.-based provider of network storage systems, pulled its plans to go public yesterday, citing (of course) unfavorable market conditions. This makes it the 38th venture-backed company (and 86th company overall) to do so in 2008, reports VentureWire.
The IPO –expected to bring in $103.5 million for further research and development — had been in the hopper since last September. The offering’s underwriters included Credit Suisse Securities, Lehman Brothers, RBC Capital Markets, Thomas Weisel Partners and Pacific Crest Securities.
To date, BlueArc has raised about $200 million in venture capital from a large flock of 14 other investors.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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