Metastorm Cancels IPO

Metastorm Inc., a Baltimore-based provider of business process management software, has withdrawn registration for an $86.25 million IPO, due to “market conditions.” It originally filed back in March with plans to trade on the Nasdaq. Jefferies & Co. and Oppenheimer & Co. were serving as co-lead underwriters.

Metastorm has raised around $115 million in total VC funding, including a 2004 recap round. Backers include Internet Capital Group (32.2% pre-IPO stake), ABS Capital Partners (16.8%), 3i Group (12.8%) and Wall Street Technology Partners (9.1%).