Imation and Exabyte announce strategic agreement

Imation Corp., a worldwide leader in removable data storage media, and Exabyte Corp., a developer and provider of tape backup systems, have announced an agreement that establishes Imation as the exclusive worldwide distributor of Exabyte brand media products. As part of this agreement, Imation will also make an equity investment in Exabyte, representing less than five percent of total equity. The total value of the transaction when fully completed is $20 million, the majority of which is for distribution rights.

Under the agreement, Exabyte will sell all of its media products exclusively to Imation. Imation will manage the Exabyte media brand and provide sales, marketing and distribution services for Exabyte media products worldwide - including VXA and Mammoth technologies. The partnership will utilise Imation's worldwide distribution capabilities and global customer reach. It will also enhance the sales and distribution of Exabyte media products, particularly in Latin America, Europe and Asia, where Imation has a long-established presence and customer base.

www.exabyte.com

•Date: 11th November 2003 •Region: N.America/World •Type: Article •Topic: BC markets
Rate this article or make a comment - click here