SpearPointLLC • 11 Comments
Thu, Jun. 9, 10:51 AM| Thu, Jun. 9, 10:51 AM | 2 Comments
Dec. 21, 2015, 12:45 PM
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.
Feb. 7, 2014, 9:10 AM
Sep. 13, 2013, 9:45 AM
Apr. 1, 2013, 5:37 PM
Oct. 25, 2011, 10:09 AM
Storage products vendor Imation (IMN -9.5%) tumbles after reporting Q3 revenue of $308.6M (-10% Y/Y) and EPS of -$0.18, missing consensus by $10.4M and $0.15. The company blames the shortfall on new storage products failing to offset a decline in legacy product sales. (PR)| Oct. 25, 2011, 10:09 AM