Will Leverage Technology and Expertise to Expand Quantum's Cloud Offerings
San Jose, CA /PRNewswire/ - Quantum Corp. (NYSE: QTM) today announced that it has acquired Symform's cloud storage services platform, which is currently used by 45,000 individual users and small businesses in 170 countries. Quantum is committed to maintaining the service for existing Symform customers and also plans to leverage the technology to expand Quantum's cloud software capabilities and service offerings in data protection and scale-out storage. In addition, the company has hired Symform's development team, including CTO and co-founder Bassam Tabbara, to help build out these offerings.
Symform's extensible cloud service is well-proven in the market, with petabytes of storage and billions of data objects under management in a broad range of use cases. Its technology supports seamless scalability and provides benefits such as self-healing and self-protection that enable simple, non-disruptive technology migration. In addition, Symform's technology is known for its extremely simple deployment and ease of use. Other benefits include:
"Quantum already provides cloud-based data protection through our Q-Cloud™ Protect service and other partner offerings, and we recently introduced a cloud solution for content production, packaging and distribution workflows based on our StorNext® and Lattus™ solutions," said Jon Gacek, president and CEO of Quantum. "The technology and talent we've acquired from Symform will enable us to augment these offerings and address a broader range of customer needs, as well as provide enhanced service options to the existing Symform user base.
"As just one example, we will be integrating Symform software and our platforms to create simple, very cost-effective cloud service options for long-term archive data and cold storage. This would complement our current StorNext-Lattus solutions which provide high performance nearline storage in a private cloud."
Quantum has completed the Symform transaction and does not expect it to impact the company's non-GAAP annual financial guidance for the current fiscal year.
Additional Background on Symform
Based in Seattle, Symform is a privately held company founded in 2008, with $20 million invested to date. The company began offering its cloud services in 2009 and recently introduced the fourth generation of its software.
Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. With Quantum, customers can Be Certain™ they have the end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. See how at www.quantum.com/customerstories.
Quantum, the Quantum logo, Be Certain, Q-Cloud, StorNext and Lattus are either registered trademarks or trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.
"Safe Harbor" Statement: This press release contains "forward-looking" statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, statements relating to 1) effects and benefits from Quantum's acquisition of Symform's cloud services platform and development team, including its impact on Quantum's non-GAAP annual financial guidance for the current fiscal year, Quantum's plan with respect to the acquired technology and talent, and Quantum's plans and commitments with respect to the existing Symform user base, 2) benefits to customers from using products including or being based on the Symform technology and 3) customer demand for and Quantum's future revenue from such products, are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 6, 2014, especially those risks listed in this section under the headings "Our operating results depend on a limited number of products and on new product introductions, which may not be successful, in which case our business, financial condition and operating results may be materially and adversely affected" and "From time to time we have made acquisitions. The failure to successfully integrate future acquisitions could harm our business, financial condition and operating results." Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE: Quantum Corp.Copyright 2014 PR Newswire. All Rights Reserved