OAKDALE, Minn., Sep 20, 2011 (BUSINESS WIRE) --
Imation Corp. (NYSE:IMN), a leading global technology company dedicated to helping people and organizations store, protect and connect their digital world, and IronKey, a global leader in securing data and online access, today announced that they have entered into a definitive agreement under which Imation will acquire the assets of IronKey's secure data storage hardware business.
The two companies also announced a strategic partnership whereby Imation will receive an exclusive license from IronKey for its secure storage management software and service, and a license to use the IronKey brand for secure storage products. IronKey will partner with Imation to provide its online cloud-based security services.
Approximately 40 employees of the privately held IronKey business are expected to transfer to Imation with the acquisition. Financial terms of the acquisition, expected to close within 30 days, were not disclosed.
"This acquisition is another important step in Imation's strategy to invest in leading technologies that enable us to deliver highly secure data storage solutions to our customers," said Mark Lucas, president and chief executive officer, Imation Corp. "IronKey's products meet the highest security, performance, and privacy standards of Fortune 500, enterprise, government, and military customers. Our new partnership with IronKey will also enable us to add a cloud-based security solution to Imation's offerings."
"IronKey's secure storage customers and partners will benefit from Imation's global reach in more than 100 countries," said Arthur Wong, CEO of IronKey. "IronKey will continue to build out solutions for providing secure online access by leveraging its online cloud services security platform to protect customers' assets, data, and transactions across multiple form factors such as portable USB devices, software, and mobile applications."
The secure storage products and technologies transferring to Imation include multifunction portable computing devices that protect stored data with strong hardware encryption. IronKey secure storage devices are validated by the National Institute of Standards and Technology to meet the stringent Level 3 criteria of FIPS 140-2. Combined with the cloud-based IronKey Enterprise Management Service, data security can be managed and audited from anywhere in the world.
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, TDK Life on Record, and MXI Security brands. Additional information about Imation is available at http://www.imation.com.
Ranked by The Wall Street Journal as the 14th best venture-funded company in their "Next Big Thing 2011" survey, IronKey secures data and online access for over 3,000 enterprises with software and hardware solutions managed through cloud-based services. IronKey secures data and online access with software and hardware solutions managed through cloud-based services. IronKey's award-winning Trusted Access for Banking helps financial institutions reduce the risk of online fraud and acquire new customers by enabling secure browsing safe from crimeware attacks on their clients' PCs. Trusted Access meets new Federal Financial Institutions Examination Council (FFIEC) guidelines for layered online banking security as well as recommendations from the FBI and NACHA. Visit www.ironkey.com for more information.
Imation, the Imation logo, Memorex, XtremeMac, and MXI Security, are trademarks of Imation Corp. and its subsidiaries. The TDK Life on Record logo is a trademark of TDK Corporation. All other trademarks are property of their respective owners.
The TDK Life on Record logo is used under a trademark license from TDK Corporation.
TDK Life on Record is not affiliated with LifeOnRecord.
SOURCE: Imation Corp.
Mary Rawlings-Taylor, 651-704-6796
Padilla Speer Beardsley (for Imation)
Matt Kucharski, 612-455-1700
Deb Montner, 203-226-9290