SUNNYVALE, CALIF.: Omneon has withdrawn its IPO registration, Reuters reports. The server and storage company first filed its bid to go public in December, 2006, with the intention of raising $115 million. “Current market conditions” were cited as the reason for the withdrawal.
The company planned to list on the NASDAQ with JP Morgan as the underwriter. The company has raised around $105 million in equity from several venture cap funds, including Norwest Venture Partners, Accel Partners, Advanced Technology Ventures, Meritech Capital Partners, Invesco Private Capital and Lucent Ventures.
The company had revenues fo $88.3 million for the year ending Dec. 31, 2007, according to a March 2008 amendment to its IPO filling with the Securities and Exchange Commission. The company posted a $2.1 million loss that year. In 2006, it posted a profit of $5.5 million on $83.5 million in revenues, and in 2005, $4.1 million on $54 million in revenues. At the end of ’07, Omneon reported having cash and equivalents of nearly $35.8 million.
Omneon’s MediaGrid servers were integral in NBC’s coverage of the Beijing Olympic, and it more recently teamed up with Front Porch Digital to make their storage and asset management products compatible. Several international deployments were achieved, as well as one for the Dish Network satellite provider in the United States.
Front Porch, based in Louisville, Colo., was acquired by Toronto-based Genuity Capital Partners in 2006 for $38 million in cash and due royalties. -- Deborah D. McAdams
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