Imation, a Minnesota based scalable data storage and data Security Company is set to exit tape storage business on an absolute note and will start focusing on hybrid data storage business.
This company which was founded in 1996 used to offer CDs, DVDs and magnetic data storage tapes till last year. But now, this American Technology company has decided to shut down the tape and TDK operations and start focusing on restructuring Nexsan array business. Imation is also ending its long-term license agreement with Japanese electronics manufacturer TDK Corp from next month end.
Nexsan, which is into hybrid data storage hardware and software business was purchased by Imation in 2012.
After carefully going through the current market trends, Imation has decided to adopt a restructuring plan by terminating all sales and operations of its worldwide tape storage business in coming month. The company is also planning to lay-off some of its employees as a part of its restructuring plan.
Imation will continue its Nexsan and IronKey businesses in coming years and may strengthen it’s based in disk-to-disk backup market by developing Nexsan operations financially.
With IronKey Flash technology on board, Imation is planning to venture into All-flash array business which is now gaining a lot of interest in the storage world. To stay safe in the technology run, Imation is also planning to produce some smart solutions in Hybrid storage business with the help of its business subsidiary Nexsan.
More details are awaited!