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Google Makes Grown Bankers Cry

Google Makes Grown Bankers Cry

Looks like there's not going to be a mammoth, awe-inspiring IPO by Google this spring.

Evidently the company's financial advisers think it could do better if it waits until the stars that govern the market are more auspicious - although something more auspicious than Google's currently rumored $20 billion valuation seems a bit vulgar.

According to the Times, as in the Times of London, Google CEO Eric Schmidt was in the City last week and indicated that the IPO had been postponed. When asked about going public in a series of closed-door meetings, he reportedly said, "An IPO is not on my agenda right now" then wouldn't comment on the remark. He supposedly said Google, believed to be profitable to the tune of a reported $350 million on sales of $1 billion, didn't need the money right now.

Google's primary owners are Sequoia Capital and Kleiner Perkins. Google's investment bankers were of course expecting a windfall.

Any delay of course brings Google that much closer to becoming the next Netscape, a role Microsoft thinks would suit the search firm divinely. To listen to Google CEO Eric Schmidt, Microsoft is poring over Google patents looking for the company's soft underbelly.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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