Isilon Seeks IPO -

Isilon Seeks IPO

Download the authoritative guide: Enterprise Data Storage 2018: Optimizing Your Storage Infrastructure

Storage companies continue to line up for initial public offerings, profitability notwithstanding.

Isilon Systems on Sept. 1 became the fourth storage company this year to file for an IPO. Of the four — Isilon, Double-Take, CommVault and Riverbed — only CommVault is clearly profitable.

That said, there's a difference between filing for an IPO and actually going public. No storage company has gone public since Xyratex two years ago, and even Engenio was forced by market conditions to withdraw its IPO plans. Still, both CommVault and Riverbed have issued prospectuses, so they could break the storage IPO drought and begin trading soon.

Isilon, which hopes to raise $86 million in an IPO, makes clustered storage systems and boasts more than 200 customers. The five-year-old company grew sales by 175% last year, and sales were up 245% to $23.8 million in the first six months of 2006, but the company lost $19.2 million last year and $10 million in the first six months of this year. Comcast and Eastman Kodak make up a third of the company's revenues.

Isilon has raised $70 million in funding, and had $10.9 million in cash as of July 2.

The company received a letter on July 31 from SeaChange alleging patent infringement, and responded a week later that the claims were irrelevant. Also, CEO Steven Goldman is a defendant in stock option-related lawsuits from his sales and marketing tenure at F5 Networks, but claims the lawsuits are without merit.

Back To Enterprise Storage Forum

Comment and Contribute


(Maximum characters: 1200). You have characters left.



Storage Daily
Don't miss an article. Subscribe to our newsletter below.

By submitting your information, you agree that may send you ENTERPRISEStorageFORUM offers via email, phone and text message, as well as email offers about other products and services that ENTERPRISEStorageFORUM believes may be of interest to you. ENTERPRISEStorageFORUM will process your information in accordance with the Quinstreet Privacy Policy.

We have made updates to our Privacy Policy to reflect the implementation of the General Data Protection Regulation.
Thanks for your registration, follow us on our social networks to keep up-to-date