Rackspace No Longer Looking To Be Acquired

Rackspace No Longer Looking To Be Acquired(Ping! Zine Web Tech Magazine) – Web hosting company Rackspace is no longer looking to go private, as the company announced they are no longer looking at potential buyers.

“After a comprehensive review, the board decided to terminate M&A discussions,” said the company in a statement on Tuesday.

“We ran a thorough process under the direction of our board of directors, independent advisers and a strategic transaction committee of the board,” stated Rackspace chairman Graham Weston. “In this process, we talked to a diverse group of interested parties and entertained different proposals. None of these proposals were deemed to have as much value as the expected value of our standalone plan.”

According to the New York Times, the company’s revenue in one-quarter sky rocketed to $20 million, resulting in sales growth higher than anytime during the last two years.

In May Rackspace announced they were considering being acquired by another firm, while a month later they announced they were considering taking itself off the public stock exchange and going private.