UPDATE 2-Metastorm pulls IPO, citing tough market

(Adds company quote, information on tech IPOs)

NEW YORK, Nov 13 (Reuters) - Metastorm Inc (MSTM.O) on Thursday became the 82nd company this year to withdraw its application for an initial public offering, citing market conditions.

The Baltimore-based provider of enterprise architecture modeling and business process management software canceled the IPO it originally filed in May, according to a regulatory filing.

"It's not the ideal time to take a company public," said company spokeswoman Laura Mooney, referring to the volatile markets. "But we will look into refiling when market conditions improve."

Metastorm had planned to use the estimated proceeds of $86.3 million partly to expand its marketing and sales efforts.

There has not been an IPO in the United States since early August when Texas-based hosting company Rackspace Hosting (RAX.N) went public, the longest such spell in decades.

Only 31 U.S. IPOs have gone ahead so far this year, including three tech offerings totaling $531 million, according to Thomson Reuters Data. In contrast, 2007 saw 37 newly public tech companies raise $7.6 billion.

Jefferies & Company and Oppenheimer & Co were the proposed underwriters for the Metastorm deal. (Reporting by Phil Wahba; editing by Richard Chang, Gary Hill)