GlassHouse Technologies plans public offering
GlassHouse Technologies Inc., an information-technology services provider, plans an initial public offering of common stock, according to a Securities and Exchange Commission filing today.
The Framingham company did not disclose the expected size or price range of the IPO but indicated that the offering price could total up to $100 million. GlassHouse noted the total price was estimated solely to calculate its registration fee and may change.
The company focuses on storage and data-protection services, as well as virtualization services, which lets a single computer function like multiple machines. GlassHouse also helps customers plan and manage their data centers to reduce power needs, creating "green" data centers. "We believe this market will grow rapidly, as companies seek to reduce their energy costs," GlassHouse said in its prospectus.
The company plans to use the net proceeds from its offering for working capital and general corporate purposes. GlassHouse also intends to use some of the proceeds to repay acquisition-related loans.
For the nine months ended Sept. 30, GlassHouse reported a wider loss of $10.9 million, from $7.2 million. During the same period, the company increased its revenue to $40.6 million, from $28.5 million. GlassHouse said it expects to continue to incur losses and may not become profitable.
Chairman, president and chiefeExecutive Mark Shirman founded GlassHouse in 2001. Previously, he served as chief technology officer of Convergent Group Corp., a privately held IT company that served utilities and local governments.
Goldman Sachs, JP Morgan Securities, Banc of America Securities and Thomas Weisel Partners are underwriting the IPO.
GlassHouse plans to list its shares on the Nasdaq Global Market under the symbol "GLAS." (AP)
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