Friday, March 27, 2009

Quantum Gains $100M In Financing From EMC

San Jose-based Quantum, a provider of data backup software and hardware, has tapped data storage partner EMC for a major, $100M financing. According to Quantum, EMC said it will use the funding to refinance its convertible debt. Publicly held Quantum said the unusual move of tapping its partner came due to "the very constrained credit environment." EMC licenses Quantum's deduplicatoin software, and according to Quantum made the financing available to ensure that the firm "can continue to invest" in technology enhancements required by EMC.