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Exabyte Corp., a provider of network backup systems, and Ecrix Corp., a provider of tape storage solutions, announced the closing of their previously announced business combination.
The combined company now operates under the Exabyte name and offers tape drive and tape automation products for the midrange storage market.
In the transaction, Exabyte issued 10 million shares of its common stock. At the same time, Exabyte sold 9.65 million shares of its newly issued Series H preferred stock for $9.65 million to certain parties related to Ecrix.
"With the finalization of this transaction, we expect to see increased efficiencies in manufacturing, marketing and sales; stronger support for additional OEM and channel business; and a product roadmap that positions the company as a leader in the midrange tape market," said Bill Marriner, chairman, president and CEO of Exabyte Corp. "Additionally, the return of Juan Rodriguez and Kelly Beavers to Exabyte's executive management team brings further storage marketing and technology expertise which will be instrumental in achieving our future growth plans."
Juan Rodriguez, former CEO of Ecrix, joins Exabyte as chief technologist. Kelly Beavers, former president of Ecrix, joins Exabyte as vice president of Marketing. Rodriguez and Beavers' collective career experience represents more than 50 years in the storage industry and includes the co-founding of StorageTek in 1969 and Exabyte in 1985.