Connected Data swallowed up by Imation

Storage vendor snapped up for $7.5m

Private cloud vendor Connected Data has been grabbed by Imation for $7.5m (£4.9m) in a move the latter claims will position it at the front of a fast-growing market.

Connected Data was founded in 2012 and its flagship sync-and-share Transporter product is pitched as an alternative to Dropbox. The vendor recently beefed up its presence in the UK channel, signing Commtech as its first UK distributor.

The firm is projected to make $7m in revenue in 2016 and Imation expects it to be immediately accretive.

Geoff Barrall, the firm's chief executive, will join Imation as its chief technology officer.

He said the acquisition is good news for his company.

"We are proud of what we have built at Connected Data," he said. "Our innovative product line represents a major disruption in the field of file sync and share as customers look for cost effectiveness and maximum security. Coming under the Imation umbrella is a logical extension of our evolution and will drive significant synergies and efficiencies across the organisation."

Imation is a Minnesota-based vendor which claims to help customers store, connect and protect their data. It has an EMEA headquarters in the Netherlands as well as local offices in the UK, Italy and Germany.

In an 8-K filing with the US Securities and Exchange Commission, Imation said the Connected Data buy would "enhance exit opportunities for Imation's storage business".