GlassHouse Sheds Israeli Subsidiary
GlassHouse Technologies, a Framingham-based provider of data center consulting and managed services focusing on cloud computing, has announced the sale of its Israeli subsidiary to Taldor Group.
Taldor is one of Israel's three largest IT business and technology solutions firms that also specializes in consulting and outsourcing services for business units and IT.
GlassHouse said the sale is expected to be completed within a few weeks and that it's divesting itself of the subsidiary in order to execute a strategy that will "maximize profitability and positive cash flows, and focus the company on being the leader in vendor-independent strategic consulting and operational services," GlassHouse said in a statement.
Launched in 2001, the company has reported that it achieved 33-percent year-over-year growth in 2011 and gained profitability for the first time. In December, it pulled back on plans that had been in the works for more than two years to go public with an initial public offering, citing market conditions. The shift in direction came after Patrick Scannell took over as CEO replacing founder Mark Shirman in November.
WBJ Web Partners
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