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News Breaks | | | | January 2, 2013 | | 08:03 EDT |  | IMN | Imation acquiers Nexsan Corporation
Imation announced that it has acquired privately held Nexsan Corporation, a Thousand Oaks, Calif.-based provider of disk-based storage systems. The combination cash-and-stock transaction included approximately $105M in cash and 3,319,324 Imation common shares, the equivalent of approximately $15M. Nexsan’s 2011 revenues were $82M and are continuing to grow, with gross margins in the 40% range. This acquisition is expected to be immediately accretive to Imation’s EBITDA. Approximately 200 employees, based in the U.S., U.K. and Canada, have joined Imation with this acquisition. The Nexsan business will continue to operate within Imation from Nexsan’s current headquarters in Thousand Oaks, Calif., under existing management. | |
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