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GlassBridge Enterprises

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GlassBridge Enterprises, Inc.
FormerlyImation Corporation
(1996–2017)
Company typePublic
  • OTC Pink Current: GLAE (2017–present)
  • NYSE:GLA (2017)
  • NYSE: IMN (prior to 2017)
IndustryInvestment
FoundedMarch 1996; 28 years ago (1996-03) in Maplewood, Minnesota, U.S.[1]
Founder3M (as a spin-off)
Headquarters
Oakdale, Minnesota
,
U.S.
Key people
Danny Zheng
(CFO and Interim CEO)
Joseph De Perio
(Non-Executive Chairman)
Tavis Morello
(General Counsel)
RevenueDecrease $1.460 billion (2010)[2]
Number of employees
1,210 (2009)[2]
SubsidiariesGlassBridge Asset Management
Websiteglassbridge.com
Imation logo

GlassBridge Enterprises, Inc., formerly Imation Corporation, is an American holding company. Through its subsidiary, Glassbridge focuses primarily on investment and asset management. Prior to the name change, Glassbridge had three core elements: traditional storage (magnetic tape and optical products), secure and scalable storage (data backup, data archive and data security for small and medium businesses) and what the company calls "audio and video information" products.[3]

History

Imation was started in 1996, when 3M spun off its data storage and imaging business.[4] The company underwent a divestment of non-core businesses, and invested in four core product technology areas: secure storage, scalable storage, wireless/connectivity, and magnetic tape.[5] As part of 3M, the company was involved in the development of many technological improvements in data storage, such as the introduction of the first American-made magnetic tape in 1947,[6] the first quarter-inch tape cartridge for data storage (QIC) in 1971, and the 3.5-inch (89 mm) floppy disk in 1984.

In February 2012, Imation announced a product set to secure mobile data, identities, and workspaces, based on the idea that employees used portable storage devices to transport corporate data.[7]

The security news followed five acquisitions the company made in 2011 in scalable storage and data security: ENCRYPTX;[8] MXI Security from Memory Experts International; the assets of ProStor; the secure data storage hardware business of IronKey; and intellectual property from Nine Technologies. Imation received an exclusive license from IronKey for its secure storage management software and service and a license to use the IronKey brand for secure storage products.[9]

In October 2011, Imation products for small and medium businesses centered on its DataGuard and InfiniVault multi-tier data protection and data archive appliances.[citation needed]

The company sold consumer electronics, headphones and accessories under the Imation, Memorex, TDK Life on Record, and XtremeMac brands. The combined Imation, Memorex and TDK Life on Record brands made the company into a global market share leader in sales of CD-R and DVD media[10][11][12] before that business was shut down in 2016.[13]

Imation changed its name to Glassbridge Enterprises on February 21, 2017.[14] Net revenue for 2016 was $44.1 million, compared to $529.2 million the year before.[15]

Glassbridge Enterprises sold the Imation brand name to Korean company O-Jin Corporation Co., Ltd. (now Ojin Corporation Co.) on August 4, 2017.[16]

In 2019 Imation.com announced the brand's licence-use by PNY Technology, Ritek Corporation and photo printer company Prinics.[17]

See also

References

  1. ^ "10-K Annual Report, 12/31/1996". Securities and Exchange Commission. Retrieved November 7, 2010.
  2. ^ a b "10-K Annual report". corporate-ir.net. February 26, 2010. Archived from the original on March 11, 2012. Retrieved September 9, 2010.
  3. ^ "Imation Reports Quarter 2012 Financial Results". April 12, 2012.
  4. ^ Hilsenrath, Jon E. (June 30, 1996). "INVESTING IT;3M's Big Spinoff Has High Hurdles Ahead". The New York Times. ISSN 0362-4331. Retrieved February 27, 2020.
  5. ^ Joseph F. Kovar (March 3, 2011). "Imation Looks To Data Security, Data Leakage Tech With ENCRYPTX Acquisition". CRN.
  6. ^ Warren, Rich (November 20, 1987). "IMPROVED RECORDING TAPE BY 3M WAS BORN IN THE U.S.A." chicagotribune.com. Retrieved February 27, 2020.
  7. ^ Neil J. Rubenking (February 14, 2012). "Imation Unifies IronKey, MXI, and ENCRYPTX Technologies". PC Magazine Online.
  8. ^ Ed Stych (December 20, 2011). "Imation makes another tech purchase, adds ex-CEO to company". Minneapolis St. Paul Business Journal.
  9. ^ "Imation buys IronKey's secure data storage hardware business". Minneapolis St. Paul Business Journal. December 20, 2011.
  10. ^ "CD Tracker: Trends for CD-R/RW Writer and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012.
  11. ^ "DVD Tracker: Trends for DVD Recorder and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012.
  12. ^ "Back-Up Tape Tracker: Q.4-2011 Global Review". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012.
  13. ^ "Imation Reports Second Quarter 2016 Financial Results - Aug 8, 2016". Archived from the original on March 1, 2017. Retrieved March 1, 2017.
  14. ^ "GlassBridge Enterprises, Inc. Announces Effectiveness of Name Change and Reverse Stock Split - Feb 21, 2017". Archived from the original on March 2, 2017. Retrieved March 2, 2017.
  15. ^ "GlassBridge Annual Report". Glassbridge. 2017.
  16. ^ "GlassBridge Sells IMATION® Trademark to O-Jin Corporation" (Press release). Oakdale, MN, USA. PRNewswire. December 1, 2017. Retrieved April 21, 2018.
  17. ^ "Imation global license announcement". imation. November 13, 2019. Retrieved August 8, 2023.
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