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Storage - Friday, August 10, 2007

Storage Virtualization's EqualLogic Files $125M IPO

Nashua, NH-based EqualLogic was founded by former Allaire exec Paula Long and has taken off since she launched the startup in 2001. Today it has filed for a $125M IPO. Equallogic sells network storage solutions. It plans to trade on the Nasdaq under ticker symbol EQLX, with Goldman Sachs and Credit Suisse as lead underwriters.

In 2006, the company reported $59.9M in revenue, an increase of $32.7M over the previous year. In the same year, the company also posted a net loss of $549K compared to 2005's loss of approximately $9.4M.

Competitors are EMC, Network Appliance, HP, Compellent Technologies and LeftHand Networks.

EqualLogic has raised around $57M from VCs. Charles River Ventures holds the biggest stake at a 30.1% pre-IPO stake) along with Sigma Partners at 29.2%.

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