Double-Take has become the third storage company to file for an IPO this year. The replication software company formerly known as NSI Software revealed its intentions to go public Thursday night. (See Double-Take Files For IPO.)
Earlier this year, backup software vendor CommVault and WAFS startup Riverbed filed for an IPO with the SEC. (See Riverbed Makes It Official and CommVault's Taking the Plunge.)
While CommVault's March filing was anticipated for years and there were rumblings about Riverbed for months before it filed in April, Double-Take has rarely been mentioned by industry insiders as an immediate IPO candidate.
But Double-Take executives say they've increased revenue from $7.6 million in 2001 to nearly $41 million in four years. They point to IDC's forecast that the Windows replication market that Double-Take addresses will increase from $310 million in 2005 to $940 million in 2010. Double-Take is also looking to go after the SMB market, while its competitors (CA, EMC, Neverfail, Symantec, and the like) are mainly focused on the larger enterprise accounts.
"You're typically not going to see them go toe-to-toe with EMC in the large enterprise," says analyst Greg Schulz of StorageIO Group. "They're more of a midmarket play, or maybe for branches of large enterprises."
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