Imation Acquires 3rd Data Storage Co. in 6 Months
Imation Corporation made another acquisition this week in its effort to shift its focus to data storage technology.
The Oakdale-based company announced Monday that it has acquired the multi-tiered storage system assets of Boulder, Colorado-based ProStor Systems. Financial terms of the deal were not disclosed.
The acquired assets include ProStor's InfiniVault technology, which allows companies to archive digital assets for long periods of time.
Imation said it plans to retain 15 ProStor employees in Boulder for engineering, support, sales, and marketing.
The announcement follows Imation's March acquisition of Encryptx Corporation and its June acquisition of MXI Security-both data storage-related companies.
In January, Imation announced plans to shift its focus back to growth opportunities in data storage, protection, and connectivity. The company, in recent years, had billed itself as a “brand and product management” company-a departure from its earlier focus on data storage products. The company had sold a variety of consumer electronics products under its acquired brands while maintaining its storage business under the Imation name.
“The acquisition of ProStor's assets is another step toward our growth strategy as a trusted technology leader in secure and scalable storage solutions,” Imation President and CEO Mark Lucas said in a statement. “Imation acquired the InfiniVault technology and product line because we recognize the need to add a compelling tiered storage architecture to our existing portfolio of backup and archiving products.”
Imation is among Minnesota's 30-largest public companies based on revenue, which totaled $1.46 billion in 2010. Its brand portfolio includes Imation, Memorex, XtremeMac, and TDK Life on Record.