Framingham consultant withdraws plan for IPO

GlassHouse Technologies Inc., a Framingham consulting firm specializing in information technology infrastructure, has withdrawn its registration for a $100 million initial public offering, citing unfavorable market conditions.

Mark A. Shirman, GlassHouse president and chief executive, said his company filed its IPO registration in December 2007 and had planned to go public last summer, but delayed the IPO because of the volatile stock market.

More recently, he said, GlassHouse, which has raised $65 million in venture capital since it was founded in 2001, was advised by the Securities and Exchange Commission that it should withdraw its filing if it wasn't prepared to go forward in the next several months.

"The plan will be, as the market comes back, to refile," Shirman said yesterday.