Tandberg buys Exabyte

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Tandberg buys Exabyte

Antony Savvas

Tape storage company Exabyte is being acquired by Norway’s Tandberg Data for around $28m (£15.5m).

The US company said the takeover should be completed before the year is out.

Companies including Imation, Hitachi and Solectron had invested in struggling Exabyte, which had put itself up for sale earlier this year.

Tandberg is expected to honour customer guarantees on Exabyte kit, although the Exabyte company will be liquidated after the acquisition is completed.

A number of Exabyte creditors are expected to lose money. Exabyte said its employees will be offered jobs at Tandberg.

Exabyte chief executive officer Tom Ward said, “The complimentary strengths of the two companies in the various geographic markets around the world will result in a truly global competitor in the storage industry. In addition, the combined product portfolios of the two companies will provide our customers with the full range of state-of-the-art, cost effective products and technologies to meet their needs.”

 


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