NEW YORK (Reuters) – BlueArc Corp, a provider of network storage systems, became the latest technology company to withdraw its application for an initial public offering because of market conditions, according to a regulatory filing.
The San Jose, Calif.-based company had initially filed for a $103.5 million IPO in September 2007 and had planned to use the proceeds for research and development and expanding its product line.
BlueArc becomes the 86th company to withdraw its IPO in a year that has been particularly hard for tech companies.
Last week, Metastorm, a Baltimore-based provider of enterprise architecture modeling software, and Local Matters, a Denver-based local search platform provider, both withdrew their IPOs as well.
So far in 2008, only three tech IPOs totaling $531 million have launched, compared to 37 deals in 2007 that raised $7.6 billion.
(Reporting by Phil Wahba)
peHUB Note: BlueArc has raised around $170 million in VC funding since 1999, from firms like Meritech Capital Partners (31.2% pre-IPO stake), Crosslink Capital (20.33%), Morgenthaler Ventures (13.03%), Apax Partners, Weston Presidio, RWI Ventures, Dell Ventures, CTTV Investments, Celtic House Venture Partners, The Parkmead Group and Fort Washington Capital Partners.