Imation and O-Mass AS, a subsidiary of Tandberg Data, today announced they have signed an agreement to work together to develop the world's fastest performing, highest capacity tape drive based on a combination of magnetic and optical technologies. In addition, Imation will acquire a 12 percent equity stake in O-Mass AS for US $5 million, assuming contractual obligations are met.
Imation and O-Mass are developing tape storage products based on a new technology that relies on magnetic writing and optical reading of standard magnetic tape, and is designed to improve the capacity and transfer rate of magnetic storage tape media. Under the terms of the agreement, Imation and O-Mass will develop and commercialize a tape drive and a corresponding tape cartridge with a native capacity of 1.2 terabytes (TB) and a 64MB/sec native transfer rate. In addition to the 1.2TB capacity product, O-Mass and Imation have defined a product family roadmap to deliver a 20TB capacity product.
"We are pleased to participate in this development program because it demonstrates our commitment to bringing advanced products to the business-to-business removable data storage media market. It is a noteworthy milestone in Imation's efforts to pursue new opportunities for ongoing growth in tape storage products," said Frank Russomanno, Imation Corp. vice president and general manager, Imation's Data Storage and Media Services business. "Our agreement with O-Mass is another example of Imation's commitment to develop future technologies that have the potential to dramatically advance the performance capabilities of magnetic storage."
"This agreement further solidifies the long-standing relationship between Imation and Tandberg Data, and represents a major opportunity for future growth and value creation," said Gudmundur Einarsson, CEO, Tandberg Data. "It confirms our strength in providing world-class technology in information storage."
"With its extensive history and expertise in magnetic and optical storage technologies, Imation is a valuable addition to O-Mass' development program and commercialization plans," said Paul Brynsrud, CEO, O-Mass. "This business agreement is an important endorsement of both companies' efforts to develop a breakthrough technology to enhance the capacity and performance of magnetic tape storage."
The two companies have agreed to work closely together on the development program, with O-Mass responsible for the drive development and Imation responsible for the tape cartridge media and format development. Commercial availability for the drive and cartridge is expected in 2005.