Imation Acquires Encryptx Corporation
Oakdale-based Imation Corporation on Thursday announced that it has acquired Encryptx Corporation, a provider of encryption software that protects data in portable storage devices.
Encryptx was previously owned by a Louisville, Colorado-based BeCompliant Corporation. Financial terms of the acquisition were not disclosed.
Approximately 10 employees will transfer from Encryptx to Imation, including Encryptx founder and President David Duncan, according to Imation. An Imation spokesperson confirmed Thursday that Encryptx will remain in Colorado, and all of its employees will be retained.
The Encryptx portfolio includes encryption, device management and control, and digital rights management solutions that protect removable drives, flash drives, CDs, DVDs and PC data.
“We are excited to bring the talented Encryptx team and their portfolio of software solutions into Imation,” Mark Lucas, Imation's president and CEO, said in a statement. “As a global leader in data storage, Imation understands the importance of protecting sensitive data against loss, theft, or security breaches, and has successfully partnered with Encryptx in the past to develop elements of our Defender Collection of highly secure storage media and software solutions.”
Imation recently announced that it 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 sold a variety of consumer electronics products under its acquired brands while maintaining its storage business under the Imation name.
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 brands.