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BlueArc Still Hot for IPO

After $157 million in funding and four years of shipping NAS product, BlueArc Corp. executives are still predicting an IPO in the not-too-distant future (see BlueArc Wallows in $47M Haul).

Founder and CTO Geoff Barrall, who last spring said he thought the company could go public in the first quarter of 2005, says it remains a matter of when rather than if (see SAN Snacks From SNW).

BlueArc is headed toward a successful IPO,” Barrall asserts. “We remain very confident in an eventual public offering.”

BlueArc president Mike Gustafson is a bit more cautious, mindful of market conditions that have convinced IPO hopefuls such as Engenio Information Technologies Inc. to wait, even after filing papers (see Engenio Gets Cold Feet). “I don’t think we can talk about a specific timeframe, but we’re driving towards profitability with the intention of going public," he says.

And profitability, indeed, may be the key. These days, it's a lot easier for Wall Street to take profitable companies public. Bluearc won't say when it will break even.

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