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Double-Take, Isilon Go Public: Page 2 of 3

The offerings bring the number of storage IPOs this year to at least four. WAFS startup Riverbed and backup software vendor CommVault went public one day apart in late September. (See Riverbed Comes Out at $9.75 and CommVault Swims in Public Pool.) InfiniBand chip vendor Mellanox has also revealed plans to go public, but has yet to set a share range. (See Mellanox Ready for IPO .)

After a lean few years for storage IPOs, Isilon and Double-Take's performance will be closely watched by a number of other private vendors. 3PAR, BlueArc, Compellent, EqualLogic, and LeftHand Networks are among the firms that have hinted they will consider IPOs in 2007 if market conditions are favorable.

In documents filed with the SEC today, Double-Take revealed that the company recorded $40.7 million in revenue and lost $3.8 million last year, although the vendor's performance in the first nine months of this year appears more solid, with revenues of $41.8 million and income of $5.2 million.

Double-Take took steps in recent months to smooth its path to the public markets. In May, the vendor expanded its business by acquiring French-based Sunbelt System Software. (See Double-Take Buys Distributor.) Then changed its name from NSI Software in March because Double-Take -- the name of NSI's product family -- had greater brand recognition. (See NSI Becomes Double-Take.)

In an SEC filing, the vendor said that its net proceeds from the public offering will be approximately $48.2 million, of which approximately $38 million will be used for working capital and "other general corporate purposes."