Isilon faced some speculation that it could be a tough sell for investors, mainly because it faces competition with EMC and Network Appliance to achieve significant growth in the clustered storage/NAS market. (See Isilon Snaps Its Clusters.)
In documents filed with the SEC last month, Isilon revealed it had a strong third quarter in revenue but continues to lose money. The vendor reported $17.8 million in revenue for the quarter and lost $5 million. For the first nine months of 2006, its revenue was $41.6 million -- nearly double its 2005 total of $21 million and more than triple its $12.4 million revenue from the first nine months of last year. Still, Isilon lost $15 million so far this year and has a $64.7 million accumulated deficit.
The market has reacted positively to recent storage IPOs. Riverbed exceeded its target price and CommVault hit the high end of its range. Share prices have since risen for both. Riverbed's IPO price was $9.75 and it opened today at $30.60. CommVault opened today at $19.90, up from its $14.50 IPO price.
James Rogers, Senior Editor, Byte and Switch
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