A Southboro tech company canceled its initial public offering hours before markets opened yesterday, a move experts said was a sign of low demand for shares of Globoforce, not a trend that will drag down other tech companies looking to go public soon.
Globoforce, which makes employee recognition software for businesses, said late Thursday night it had canceled the deal after initially scaling down the IPO earlier Thursday.
"Despite receiving overwhelming interest in our initial public offering, we have decided to postpone our offering until market conditions are more favorable for our company and our customers," said Eric Mosley, CEO of Globoforce, in a statement.
Scott Johnson, managing partner of New Atlantic Ventures in Cambridge and an investor in Enernoc when it went public, said those "market conditions" were likely related to Globoforce, not the market in general.
"It's hard to conclude that this is the canary in the coal mine," Johnson said. "I would say the odds are this is a company-specific situation, where the investors' appetite for this particular offer was below the expectations of the company."
Matt Wong, an analyst with CB Insights, said one possible red flag was the company's distribution of revenue.
"Their 10 largest clients make up 70 percent of their revenue," Wong said.
A Globoforce spokeswoman declined to comment beyond the company's statement.
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