Digital storage firm Imation said that it planned to acquire the assets of MXI Security from Memory Experts International, in a move that promises to beef up the company’s portfolio with an array of data protection, authentication and compliance technologies for removable media.
Financial terms of the transaction were not disclosed.
Executives say that purchase of MXI aligns with Imation’s focus on storing and protecting data in removable media form factors.
Imation will be taking on MXI’s portable security solutions and technologies, including its authentication, digital identity and data encryption products, as well as its OEM business and line of branded Stealth and Access security products.
“This acquisition represents another significant step in Imation’s strategy to invest in key technology platforms to address customers’ needs for data storage, protection and connectivity,’ said Mark Lucas, Imation president and CEO, in a statement.
Lucas said that altogether, the addition of MXI will give the combined company a competitive edge with specialties that include government validated USB devices, cryptology, multi-factor authentication and biometric technologies, as well as skills and talent in secure software and hardware engineering -- all of which will allow it to create new inroads into enterprise and government verticals.
“MXI is an innovative leader in high-security and privacy technologies whose solutions will enhance Imation’s ability to meet our global customers’ growing needs in information security, compliance and management,” he said.
The acquisition will also give Imation access to MXI’s key OEM relationships, Lucas said, adding that Imation planned to continue sales, marketing and engineering investments that MXI already formed with security giant McAfee, now a part of Intel Corporation.
Meanwhile, Lawrence Reusing, Memory Experts International and MXI Security former CEO, will transfer to Imation, where he will continue to head the MXI business.
Reusing said that the acquisition will expand MXI’s global market presence and reach with its specialized security offerings to Imation’s extensive customer base, while continuing to serve existing OEM partners and end user customers.
“With Imation’s emphasis on growth in data protection and security, it is an exciting time for MXI to join the company,” Reusing said, adding that the combination of MXI’s security expertise and technologies with Imation’s solid offerings in data storage would enable MXI to "reach even more markets with our security offerings.”
Imation’s acquisition of MXI Security follows its March acquisition of the assets of ENCRYPTX Corporation, which specialized in encryption and security solutions for removable storage media and devices.