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ZDNet UK: Linuxcare lays off staff after pulling plug on IPO

May 04, 2000, 13:12 (2 Talkback[s])

"Linuxcare a privately held developer of services for companies using the upstart Linux operating system, said on Wednesday that it is laying off an unspecified number of staff in a major restructuring, as the startup seeks to save money without an IPO in its near future."

"On Monday, Linuxcare requested in a Securities and Exchange Commission filing that its planned initial public offering to net $56.6m (£36.77m) be withdrawn, citing market conditions and an opinion that it would not be in the company's best interest at this time."

"...Linux industry sources said that the company's venture capital firm, Kleiner Perkins Caufield & Byers, is shopping the company, with the two most likely purchasers speculated to be Red Hat and VA Linux. Officials at Red Hat in Research Triangle Park, N.C. could not be immediately reached for comment."

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