IPO Filing: 3PAR

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A fairly recent IPO filing has come from 3PAR Inc., although the company has an identity crisis as it isn’t sure if it wants to list on NASDAQ or on the NYSE.  Underwriters look a though Goldman Sachs and Credit Suisse are the leads, with UBS, Thomas Weisel, and RBC as co-managers.

This is a ulitilty storage play. 3PAR is a provider of utility storage solutions for large to medium enterprises, business-oriented service providers, consumer-oriented Internet/Web 2.0 companies and government entities that offers scalable tiered storage arrays designed to dramatically enhance the economics and performance of storage. It delivers utility storage solution through its InServ Storage Server arrays powered by its InForm Suite of software.

3PAR began commercial shipments in March 2002 and have shipped over 400 systems to more than 200 end customers.  It claims a decent list of customers: Credit Suisse Group, Department of Justice (FBI), Dow Jones, MySpace.com, Omniture, Priceline.com, SAVVIS, TransUnion, United States Census Bureau, USinternetworking/AT&T, Verizon Business, and the Virginia Information Technologies Agency.

3PAR has a year-end of March 31, and its fiscal 2007 revenues were $64.977 million and net income was -$16.423 million from core operations.  Hopefully 3PAR, or "threepar" isn’t just another Tupac sighting.

Jon C. Ogg
August 16, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.