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Hardware - Monday, July 2, 2007

Compellent Technologies Files To Raise $60M IPO

Compellent Technologies filed to raise up to $60M in a Nasdaq IPO. Morgan Stanley, Needham & Co., RBC Capital Markets, Piper Jaffray and Thomas Weisel Partners are underwriting the IPO.

Eden Prairie, MN-based Compellent sells enterprise-class network storage solutions. Compellent sits in the midrange storage area network (SAN) sector. Compellent says it will more than double revenue in 2006. Byte and Switch says that Compellent did $25M in revenue in 2006, up from $10.5M in 2005. Compellent claims a few profitable quarters.

In total, Compellent has raised more than $53M. It is led by Phil Soran, John Guider and Larry Aszmann who previously founded and sold Xiotech it to Seagate for $360M in 2000. The company competes with public companies like Dell and EMC as well as with 3PARdata, EqualLogic, Intransa, LeftHand Networks, and Xiotech.