Nexsan sold for $120M
Thousand Oaks-based Nexsan Corp., a maker of hard-disk storage arrays for mid-sized businesses, has been purchased by Imation Corp. for $120 million.
Imation will pay $105 million in cash and 3.3 million common shares, worth about $15 million, for the Thousand Oaks firm.
Nexsan is privately held but kicked off an unsuccessful bid to go public in 2008. At the time, the company had revenues of $62.6 million and a net loss of about $5.3 million. Since then revenue has picked up, climbing to what the company said was $82 million for 2011. Financial filings show the firm turned a profit in fiscal years 2009 and 2010, but Nexsan withdrew its request to go public last year and later profit figures aren’t available.
Nexsan has about 200 employees based in the U.S., U.K. and Canada. Those employees will join Nexsan, which will operate out of its existing headquarters in Thousand Oaks under Philip Black, Nexsan’s CEO. Imation said in a release that integration between the companies’ product lines will be determined in the first quarter of 2013.