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Newgistics Drops IPO Plans

Austin-based Newgistics, which provides third party logistics (3PL) services for retailers, has dropped plans for its IPO. The firm said in a filing Wednesday that it has decided to withdraw its IPo filing due to "unfavorable market conditions." Newgistics had filed for a $86.25M IPO in March. The company is venture backed by Austin Ventures, AV Labs, and StarVest Partners.