BlueArc, which was slated to raise $100m in a float, sells to Hitachi, at a valuation reportedly approaching $600m.
BlueArc, a US-based data storage device manufacturer backed by corporate venturing units of Chevron and Dell, was sold to Hitachi yesterday.
Terms were undisclosed, but news provider VentureWire said Hitachi had paid approaching $600m to acquire the company. This makes it the eighth venture-backed company acquired out of IPO registration since May, VentureWire added.
BlueArc had filed for an initial public offering in June. BlueArc raised about $220m from Chevron Technology Ventures, the corporate venturing division of oil major…
