Imation Corp. IMN, a global scalable storage and data security
company, has reached an important milestone in its strategic transformation.
Imation today announced that it has acquired privately held Nexsan^®
Corporation, a Thousand Oaks, Calif.-based provider of disk-based storage
systems. As the Company continues to execute its strategy, Imation is
leveraging its deep data storage core, building a platform for long-term
growth and improving operating margins in high-growth data storage and
security solutions markets.
The acquisition of Nexsan brings to Imation a proven technology platform and a
robust portfolio of disk-based and hybrid disk-and-solid-state storage systems
with more than 11,000 existing customers worldwide. It is expected to
significantly accelerate Imation's growth in the small and medium-sized
business (SMB) and distributed enterprise (SME) storage markets. Imation will
provide the Nexsan business with global scale and a well-known storage brand
for global expansion. With SMBs and SMEs struggling to address their rapidly
increasing data storage and management needs, the combined Imation and Nexsan
portfolio will offer customers an attractive, price / performance alternative
to competitive offerings.
The combination cash-and-stock transaction included approximately $105 million
in cash and 3,319,324 Imation common shares, the equivalent of approximately
$15 million.
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