Xiotech Ready for Growth
Xiotech, which was acquired by Seagate then later sold, has seen four CEOs in the last three years. According to this report on iStock Analyst, Oak Investment Partners brought in former Sequent Computer Systems founder and CEO Casey Powell in 2003 to turn around Xiotech. The development of the Intelligent Storage Element lead to new growth.
"Sales boomed, reaching $100 million at the height of the technology boom 2000, when it was acquired for $360 million by Seagate Technology Inc. as part of Seagate's plan to expand into storage systems. A year after the sale, all three cofounders left Xiotech and started Compellent Technologies Inc. to develop data-storage systems. That prompted a volley of now-settled lawsuits between Xiotech and Compellent over trade secrets."
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