Imation Buys Security Hardware Biz
The global technology company, Imation Corp, has agreed to acquire the secure data storage hardware assets of the privately held IronKey.
Deal terms where undisclosed but the deal is expected to close within the next 30 days.
IronKey’s 40 employees will be integrated into Imation upon the closing of the deal. The companies also formed a strategic partnership where Imation will receive an exclusive license from IronKey for its secure storage management software and service, and a license to use the IronKey brand for secure storage products. In return, IronKey will partner with Imation to provide its online cloud-based security services.
Imation’s CEO, Mark Lucas, stated in the press release that the deal is an important step in the company’s growth plans. IronKey’s products meet the security and privacy standards for Fortune 500, enterprise, government, and military customers. The executive is setting out to invest in technologies that allow the company to provide high secure data storage.
IronKey’s CEO, Arthur Wong, added that partnering up with Imation will give the company the capabilities to expand on a global level and its services will now be in more than 100 countries. He said IronKey will continue to build out by leveraging its online cloud services security platform to protect customers’ assets, data, and transactions across a number of form factors such as portable USB devices, software, and mobile applications.
So far Imation has sealed a deal every three months this year. In March, it started off with the acquisition of ENCRYPTX Corporation. In June 2011, the company bought MXI Security from Memory Experts International, and IronKey makes deal number three for 2011.
Imation has a solid collection of data storage and security products, electronics and accessories. Its global brands include Imation, Memorex, XtremeMac, TDK Life on Record, and MXI Security brands.