Citrix Invests Another $5 Million In IPO Applicant GlassHouse

Date : 07/22/2011 @ 4:13PM
Source : Dow Jones News
Stock : Citrix Systems, Inc. (MM) (CTXS)
Quote : 82.3  0.0 (0.00%) @ 4:00AM

Citrix Invests Another $5 Million In IPO Applicant GlassHouse

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   By Christopher Zinsli 
   Of DOW JONES VENTUREWIRE 
 

Citrix Systems Inc. has made a second $5 million investment in data-center consultant GlassHouse Technologies Inc., according to the IPO registrant's latest prospectus filed with regulators Friday.

Greenspring Associates, a venture capital firm that already held a stake in GlassHouse, also invested $1 million as part of a $6 million extension of GlassHouse's Series F financing round. The round originally raised $9.8 million in late 2008. Citrix provided another $5 million last December. The round now stands at $20.8 million.

GrandBanks Capital, Kodiak Venture Partners, Paladin Capital Group and Sigma Partners are GlassHouse's major shareholders, holding a collective 57% stake.

The new funding isn't the first time the unprofitable company has turned to outside investors since registering for an initial public offering early last year. Last summer it raised $3 million in convertible notes from its venture backers.

The company also has received lenient treatment from its lenders. This month it received extensions on separate financial agreements with LightHouse Capital Partners and Dell Inc.'s Dell Products LP, according to the new prospectus.

About $37.1 million of the proceeds from an IPO will be used in part to repay Dell. This is GlassHouse's second attempt to go public. An earlier bid was filed in 2007 but withdrawn in 2009.

Underwriting the offering are Stifel Nicolaus Weisel, William Blair & Co., Oppenheimer & Co. and Needham & Co.. That is a different lineup than originally planned. As recently as January, Goldman Sachs & Co. and Credit Suisse were leading the offering.

GlassHouse has applied to list its common stock on the Nasdaq Global Market under the symbol GLAS.

(This story was also published in Dow Jones VentureWire, a daily publication that covers news about start-ups and venture capital.)

-By Christopher Zinsli, Dow Jones VentureWire; 212-416-2034; christopher.zinsli@dowjones.com

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