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Imation Buys Nexsan For $120M

By TechTaffy Desk

[Techtaffy Newsdesk]

Storage and security company Imation  has acquired privately held Nexsan, a Thousand Oaks, Calif.-based provider of disk-based storage systems. 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.

The acquisition of Nexsan brings to Imation a portfolio of disk-based and hybrid disk-and-solid-state storage systems with more than 11,000 existing customers worldwide.

Mark Lucas (President and CEO,  Imation): Imation’s acquisition of Nexsan is an exciting next step in our strategic transformation, which includes investing in growth platforms in data storage and security solutions, where we are targeting markets with strong growth rates. Our strategy includes focusing on the underserved SMB market with purpose-built storage systems and appliances.

The Nexsan management team, including CEO Philip Black, will join Imation. Approximately 200 employees, based in the U.S., U.K. and Canada, are also joining Imation with this acquisition.

The Nexsan business will continue to operate within Imation from Nexsan’s current headquarters in Thousand Oaks, Calif.

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