INFRA
INFRA
INFRA
Storage provider Nexsan to be spun off from parent Imation
Unified storage provider Nexsan Inc. is to become a private company once more through a deal with Spear Point Capital Management that will see it spun out from parent company Imation Corp.
Under the deal announced Tuesday, Imation Chief Executive Officer Bob Fernander and Chief Technology Officer Geoff Barrall will continue to run the Nexsan business and will obtain seats on the board.
The move to spin Nexsan off as a private company is intended to strengthen the company’s financial foundation. Imation had only owned the company since it acquired for $120 million in January 2013.
Spear Point’s money will be used to fund engineering roadmaps, including plans for all-flash versions of Nexsan’s flag Unity “Hyper-Unified Storage solution,” an expansion of its block storage lines, along with additional investments in sales, marketing and geographic expansion.
“This is a transformative move for Nexsan,” Nexsan Chief Executive Bob Fernander said in a statement sent to SiliconANGLE. “This will allow us to better serve our customers, enable our partners, and accelerate [the] growth of our business. We’ve seen better than expected early traction with Unity and, as a private organization, we look forward to being able to fulfill our vision at an accelerated rate; our vision of storage solutions that do more, cost less and provide greater value.”
Originally founded in 1999 and based in Campbell, Calif., the company is best known for its unified storage system, Unity, an enterprise-class unified storage solution that incorporates secure file sync and share in a single platform. In addition, the company offers Nexsan Assureon, a product that delivers secure archive storage for the most compliant of industries, and the Nexsan E-Series, high performance, reliable, high-density storage designed for data centers.
The deal with Spear Point is expected to close early 2017.
Image credit: chrisdag/Flickr/CC by 2.0
Since you’re here …
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.
