Fri, Jan. 8, 2:48 PM
- Imation (IMN +3.4%) is selling its Oakdale, MN corporate HQ for $11.5M, and its Memorex trademark and two associated trademark licenses for $9.4M.
- The sales are declared to be "consistent with the Company's stated restructuring, wind down process, and liquidation of its legacy business assets." follow Imation's $7.5M October purchase of Connected Data, a maker of file-syncing/sharing appliances for private cloud infrastructures, and the $4.9M August sale of the company's RDX removable disk line to Sphere 3D.
Aug. 13, 2015, 4:05 PM
- Sphere 3D (NASDAQ:ANY) has acquired Imation's (IMN -1.8%) RDX removable disk backup storage line for $4.9M (based on Sphere 3D's Aug. 6 close) plus the net value of $1.4M worth of inventory. The payout is entirely in stock.
- The RDX line had revenue of $14.5M over the 12 months ending June 30. Sphere 3D asserts the deal gives it "greater control over the backup appliance components" of its storage hardware/software lineup.
- It also sees an opportunity to expand RDX's sales in North America and Japan - the business currently relies heavily on Europe. Sphere 3D already sells RDX-based products under the Tandberg Data label.
- Notably, Sphere 3D says the purchase will be immediately accretive on a gross margin basis, but doesn't make any such promise regarding earnings accretion. Shares plunged following the announcement, and have closed at $3.21.
Jan. 2, 2013, 9:26 AM
Imation (IMN), best known for its low-end backup storage gear, is attempting to redefine itself by acquiring low-end/mid-range storage vendor Nexsan for $120M ($105M in cash + $15M in stock). Nexsan had 2011 sales of $82M and claims 11K customers; its new NST5000 system boasts proprietary tech for moving data between SSDs and hard drives based on demand. Imation, which has been seeing declining sales and cash burn, had $186.3M in cash/equivalents as of Sep. 30, but sports a current market cap of just $179.3M.| Jan. 2, 2013, 9:26 AM
Dec. 21, 2011, 3:41 PM
Imation (IMN -2.4%) is acquiring the assets of Nine Technology, a developer of online backup software featuring data deduplication technology. The acquisition likely represents an attempt by Imation, which currently sells a variety of low-margin storage products, to offer more differentiated, higher-margin solutions.| Dec. 21, 2011, 3:41 PM