Business & Tech
Imation Buys Storage Company for $120 Million
Imation Corp. purchased a company based in California.
Imation Corp. announced Wednesday that it has entered a deal to buy Nexsan for $120 million, according to Yahoo! News.
Imation purchased Nexsan, a privately owned company that provides disk-based and solid-state storage systems, for $105 million in cash, plus $15 million worth of stock, according to Yahoo! News.
Nexsan is based in Thousand Oaks, Calif. Approximately 200 employees based in the U.S., U.K. and Canada, will be joining Imation's ranks.
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Nexsan will continue to operate out of Thousand Oaks under existing management. The move is expected to accelerate Imation's growth, according to the press release posted on Yahoo! News.
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