Data storage provider Nexsan Corp. said Friday it plans an initial public offering of common stock, but did not disclose any terms in its filing with the Securities and Exchange Commission.
The offering could raise up to $80.5 million, according to the filing, but this figure was estimated solely to calculate the registration fee and may change.
The company plans to use proceeds from the offering for working capital and other general corporate purposes, including potential acquisitions.
Based in Thousand Oaks, Calif., Nexsan provides disk-based storage systems designed for long-term data storage. Nexsan sells its products through more than 300 channel partners, including resellers and original equipment manufacturers, in North America, Europe and Asia.
Competitors include Dell Inc., EMC Corp., Hewlett-Packard Co., International Business Machines Corp. and Sun Microsystems Inc.
Nexsan is led by Philip Black, who has served as president and chief executive since September 2004. Black previously served as CEO of LightSand Communications, a storage networking provider.
For the year ended June 30, 2007, the company reported a loss of $3 million on revenue of $49.8 million. This compares with a loss of $5.6 million on revenue of $42.8 million in the prior fiscal year.
Thomas Weisel Partners is serving as lead manager of the deal. Lazard Capital Markets, Needham & Co. and Morgan Keegan & Co. are also underwriting the offering.
The company expects its shares to trade on the Nasdaq Global Market under the symbol "NXSN."
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