Imation Acquires Security Solutions Company
Imation Corporation made another acquisition this week in its efforts to shift its focus to data storage technology.
The Oakdale-based company announced Monday that it has acquired Canadian security solutions company MXI Security for an undisclosed sum. MXI will operate as a standalone business.
The deal-which closed Monday-includes MXI's portable security solutions and technologies, including its original equipment manufacturing business and its line of branded Stealth and Access security products.
All of MXI's 40 employees have transferred to Imation under the acquisition, including MXI CEO Lawrence Reusing, who will continue to lead the MXI business.
“This acquisition represents another significant step in Imation's strategy to invest in key technology platforms to address customers' needs for data storage, protection, and connectivity,” Mark Lucas, president and CEO of Imation, said in a statement.
The acquisition of MXI follows Imation's March acquisition of Encryptx Corporation, which also aligns with the company's focus on data storage technology.
Earlier this year, 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.
Imation spokeswoman Mary Rawlings-Taylor told Twin Cities Business that in addition to the acquisitions that the company is making to further its efforts in the data storage technology business, the company is growing organically with the hiring of new employees for its current operations.
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.