There was a nice Christmas email that was sent out by Tectura’s CEO Terry Petrzelka this week. What there has not been is the filing of an S-1 for the large reseller's initial public offering. At one point, it seemed likely to occur in 2007. There was an SEC filing by the Redwood City, Calif.-based Microsoft reseller in December. But it was for the REGDEX form, which is filed when a privately held company sells stock to investors, such as venture capitalists. (No dollar amounts are filed with such forms.)

That came just a week after ePartners, which was the first organization to put together a large reselling unit, saw Howard Diamond, its CEO of three years, leave and the promotion of Michael McCarthy, who joined the company last year, from president to CEO. ePartners, at an estimated $75 million for 2006, and probably smaller now, is nowhere near the estimated $260 million to $270 million in annual revenue for Tectura. But it is still larger than most Dynamics resellers.

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