Unedited press release follows:
Imation Acquires ENCRYPTX Corporation
Investment Underscores Company’s Strategic Direction in Storage, Protection and Connectivity; Adds Software Solutions that Enhance Security, Protection, and Management of Removable Storage Devices and Media
OAKDALE, Minn., Mar 03, 2011 — Imation Corp. (NYSE: IMN), a leading global technology company dedicated to helping people and organizations store, protect and connect their digital world, today announced that the company has acquired ENCRYPTX Corporation, a leader in encryption and security solutions for removable storage devices and removable storage media. Approximately 10 employees will transfer from ENCRYPTX to Imation; other terms of the transaction were not disclosed. The acquisition, which follows Imation’s recent unveiling of its strategic direction as a technology company focused on growth opportunities in data storage, protection and connectivity, includes a portfolio of software solutions and intellectual property that allow enterprises to protect, encrypt, control, and manage “data at rest.”
“We are excited to bring the talented ENCRYPTX team and their portfolio of software solutions into Imation,” said Mark Lucas, president and chief executive officer, Imation Corp. “As a global leader in data storage, Imation understands the importance of protecting sensitive data against loss, theft, or security breaches, and has successfully partnered with ENCRYPTX in the past to develop elements of our Defender Collection(TM) of highly secure storage media and software solutions.”
“Imation and ENCRYPTX have shared a similar vision for helping enterprises – from government agencies to large businesses ranging from financial institutions to healthcare organizations – to better manage security of removable storage,” said David Duncan, former ENCRYPTX president, who will remain with the organization and lead security software development for Imation. “Now, by combining the global reach and broad storage portfolio of Imation with ENCRYPTX’s leading security solutions, we intend to expand our offerings to address the growing need for data security worldwide.”
The ENCRYPTX portfolio includes encryption, device management and control, and digital rights management solutions that protect removable drives, flash drives, CDs, DVDs and PC data. ENCRYPTX products are U.S. Government approved for purchase under a U.S. Government ESI/SmartBuy Contract.
About Imation Corp.
Imation Corp. (NYSE: IMN) is a leading global technology company dedicated to helping people and organizations store, protect, and connect their digital world. Our portfolio of data storage and security products, electronics and accessories reaches customers in more than 100 countries through a powerful global distribution network. Imation Corp.’s global brand portfolio includes Imation, Memorex, XtremeMac, and TDK Life on Record brands. Additional information about Imation is available at http://www.imation.com.