Nexsan's sale to private equity has gone through and the company is now looking to drive organic and inorganic growth.
Spear Point Capital affiliate NXSN Acquisition Corp bought Nexsan from Imation. CEO Bob Fernander and CTO Geoff Barrall will continue to run Nexsan, which is being given up to $10 million in fresh private equity capital.
The transaction completes Imation's restructuring to becoming a holding company focused on asset management. The acquisition has been organised so that it eliminates "Imation's need to make this investment in Nexsan itself while preserving the potential for equity value upside from Nexsan's ongoing development and market penetration".
Nexsan, with a 100 per cent channel model for selling its Unity, Assureon and E-Series storage arrays, says it has stabilised its revenue over the past twelve months and plans to make additional investments in sales, marketing and geographic expansion.
It says it "will increase account coverage, including channel assistance and marketing initiatives, in order to drive growth and customer adoption".
There will also be inorganic growth accompanying these organic growth initiatives, signalling one or more acquisitions. ®