Glassbridge Enterprises

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Glassbridge Enterprises, Inc.
Formerly
Imation Corporation
(1996-2017)
Public
Traded as
  • OTCQXGLAE (2017-present
  • NYSE:GLA (2017)
  • NYSE: IMN (prior to 2017)
Industry Investment
Founded March 1996; 22 years ago (1996-03) in Maplewood, Minnesota, United States[1]
Founder 3M
(as a spin-off)
Headquarters Oakdale, Minnesota, United States
Key people
Danny Zheng
(CFO and Interim CEO)
Joseph De Perio
(Non-Executive Chairman)
Tavis Morello
(General Counsel)
Revenue Decrease $1.460 billion (2010)[2]
Number of employees
1,210 (2009)[2]
Subsidiaries GlassBridge Asset Management
Nexsan Corporation
Website www.glassbridge.com

Glassbridge Enterprises, known as Imation Corporation prior to 2017, is an American holding company. Through the company's two subsidiaries, Glassbridge focuses primarily on investment, asset management and global enterprise data storage. 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[edit]

Imation was started in 1996, when 3M spun off its data storage business. 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.[4] 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 magnetic tape in 1947, 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 for securing mobile data, identities, and workspaces, based on the premise that employees used portable storage devices to transport corporate data.[5]

The security news followed five acquisitions the company made in 2011 in scalable storage and data security: ENCRYPTX;[6] 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.[7]

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

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[8][9][10] before that business was shut down in 2016.[11]

Imation changed its name to Glassbridge Enterprises on February 21, 2017.[12] Net revenue for 2016 was $44.1 million, compared to $529.2 million the year before.[13]

Glassbridge Enterprises sold the Imation brand name to O-Jin Corporation on August 4, 2017.[14]

PNY Technologies is now advertising the Imation brand name to sell USB flash drives and optical media.[15]

See also[edit]

References[edit]

  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. Retrieved September 9, 2010. 
  3. ^ "Imation Reports Quarter 2012 Financial Results". April 12, 2012. 
  4. ^ Joseph F. Kovar (March 3, 2011). "Imation Looks To Data Security, Data Leakage Tech With ENCRYPTX Acquisition". CRN. 
  5. ^ Neil J. Rubenking (February 14, 2012). "Imation Unifies IronKey, MXI, and ENCRYPTX Technologies". PC Magazine Online. 
  6. ^ Ed Stych (December 20, 2011). "Imation makes another tech purchase, adds ex-CEO to company". Minneapolis St. Paul Business Journal. 
  7. ^ "Imation buys IronKey's secure data storage hardware business". Minneapolis St. Paul Business Journal. December 20, 2011. 
  8. ^ "CD Tracker: Trends for CD-R/RW Writer and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012. 
  9. ^ "DVD Tracker: Trends for DVD Recorder and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012. 
  10. ^ "Back-Up Tape Tracker: Q.4-2011 Global Review". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012. 
  11. ^ http://ir.glassbridge.com/2016-08-08-Imation-Reports-Second-Quarter-2016-Financial-Results
  12. ^ http://ir.glassbridge.com/2017-02-21-GlassBridge-Enterprises-Inc-Announces-Effectiveness-of-Name-Change-and-Reverse-Stock-Split
  13. ^ "GlassBridge Annual Report". Glassbridge. 2017. 
  14. ^ "GlassBridge Sells IMATION® Trademark to O-Jin Corporation" (Press release). Oakdale, MN, USA. PRNewswire. 2017-12-01. Retrieved 2018-04-21. 
  15. ^ http://pny.com/mega-consumer/shop-imation

External links[edit]