Blade server startup Egenera Inc. has pulled in an additional $45 million in funding to tide it over until it finally completes its much talked-about IPO.Horizon Technology Finance is providing Egenera with $15 million, and Silicon Valley Bank has extended the companys credit line from $10 million to $30 million.
Egenera hit the headlines last year when it filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to trade its common stock on the Nasdaq under the symbol EGEN (see Egenera Seeks IPO).
In an era when tech sector IPOs are few and far between, Egeneras decision to go public was big news, though the firm is now discovering why so few IT companies take the public route. The tech IPO market is awful now, Egeneras CFO Tom Sheehan tells NDCF. Our board is not interested in taking a company of our quality into a market thats not very good.
Preparing for an IPO in the era of Sarbanes-Oxley and often volatile market conditions is easier said than done, and very few firms are even attempting it at the moment (see IPOs Happen: Carl Russo Speaks and Fortinet Fires Up for IPO). Even the most eagerly anticipated tech sector IPO of recent years was not without its hiccups (see Google IPO in Doubt and Tech Cash Slashed? Learn From Google).
Certainly, a number of big-name technology vendors are feeling pain at the moment, as shown in reports from the likes of IBM Corp. (NYSE: IBM) and Foundry Networks Inc. (Nasdaq: FDRY). (See IBM Reports Q1 Results and Foundry Faces Tough Times.)
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