Smart Partner: TurboLinux: No Guts, No Glory – Another penguin proponent goes for its IPO

TurboLinux, one of the Big Four Linux distributors, will
try to raise $60 million with its IPO in the first quarter of
The company plans to trade under the symbol TLUX on the

“Al Gillen, International Data Corp’s (IDC) research manager for
system software, says “TurboLinux has been on pre-IPO track for
more than a year. But they were caught short in May by the market
and it’s only now that they’re back on track.”

“The May downturn lead TurboLinux to cut its staff by 52 people,
about a sixth of its employees. The company’s finances were further
complicated in July by the termination without cause of its
co-founder and CEO Cliff Miller and his wife Iris Miller, president
of TurboLinux’s Asia Pacific division and co-founder. Their golden
parachute, according to the S-1, includes $850,000 in separation
fees, and $7.5 million in a stock buyout at $3.65 per share.”

“Despite that development, the Millers remain the majority
shareowners with almost 62 percent of TurboLinux. Other significant
owners are the high-tech venture capital firms August Capital and
Asia Pacific Coast Fund and corporate powers Dell and Intel.”


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