(The Hosting News) – Cloud computing company Rackspace has announced they will no longer be reviewing potential buyers for the sale of the company.
“After a comprehensive review, the board decided to terminate M&A discussions,” said the company in a statement on Tuesday.
In May the web hosting company announced they were considering being acquired by another firm, though a month later announced they were considering taking itself off the public stock exchange by discussing making a deal with a private equity firm.
According to the New York Times, the company’s revenues grew by $20 million in one quarter, resulting in sales growing faster than the last two years.
“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.”