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Tom Georgens, CEO, Engenio

Eleven months after Engenio Information Technologies Inc. backed off an IPO, CEO Tom Georgens says his team made the right decision but he looks forward to doing it all again (see Engenio Gets Cold Feet).

Absolutely, it’s still the plan of record,” Georgens says when asked if he still wants to take Engenio public. “I’d like another shot at it.”

He has no concrete timetable, though. A lot has changed since Engenio backed off because it didn’t like the price of preliminary bids on its stock. For now, the company remains a division of LSI Logic Corp. (NYSE: LSI), which said in November 2003 it would spin off its storage unit, christening it Engenio (see LSI Logic Spins Off Storage Systems and LSI Spells Engenio).

Among the challenges Engenio faced since it passed on an IPO are sales that declined year-over-year in two of the last three quarters (see LSI Logic Announces Q1, Engenio IPO Hopes Revived, and LSI Stands By Storage). Engenio's biggest customer, IBM Corp. (NYSE: IBM), launched its own midrange storage system, leading to speculation that it would end its partnership with Engenio (see IBM Still Loves Engenio). There was also talk that another big customer, Storage Technology Corp. (StorageTek) (NYSE: STK), would be sold, which was seen as endangering the Engenio relationship.

Georgens hopes the problems are behind him. IBM launched a new OEM system from Engenio last month -- the DS4800 -- and publicly announced a roadmap for Engenio products (see IBM Drives 4-Gbit/s). And StorageTek is being acquired, but it’s by another Engenio customer, Sun Microsystems Inc. (Nasdaq: SUNW). (See Sun to Acquire StorageTek for $4.1B.)

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