Nexsan Acquired By Imation

Thousand Oaks-based Nexsan, the developer of data storage arrays, has been acquired by Imation, the firms said this morning. According to the two, Imation will pay $120M for Nexsan, comprised of $105M in cash and $15M in stock. Imation said the buy will help provide it with a "proven technology platform" and portfolio of disk and hybrid disk/solid state storage systems. Philip Black, CEO of Nexsan, will join Imation, along with the rest of Nexsan's management team. The two said that Nexsan's 2011 revenues were $82M.