Glassbridge Enterprises

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Glassbridge Enterprises, Inc.
Formerly called
Imation Corporation
Public
Traded as NYSEGLA
Industry Investment
Founded March 1996; 21 years ago (1996-03) in Maplewood, Minnesota, United States[1]
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, Inc. (Formerly known as Imation Corp. (NYSE: IMN) based in the St. Paul suburb of Oakdale, Minnesota) is a holding company. The Company is actively exploring a diverse range of new, strategic asset management business opportunities for its portfolio. The Company’s wholly owned subsidiary, GlassBridge Asset Management, LLC, is an investment advisor focused primarily on technology-driven and quantitative strategies. The Company’s partially-owned subsidiary, Nexsan Corporation, is a global enterprise data storage business. Prior to the name change, Imation 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 Imation calls “audio and video information” products.[3]

History[edit]

Imation was started in 1996, when 3M spun off its data storage business. The company has undergone a divestment of non-core businesses, and according to a press release issued by Imation in February 2011, the company was investing in “four core product technology areas: Secure Storage, Scalable Storage, Wireless/Connectivity, and Magnetic Tape."[4]

The company has been 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. The company now has a market presence in more than 100 countries.

In February 2012, Imation announced a "unified Secure Data, Identity and Mobile Workspace product set" that includesproducts for securing mobile data, securing mobile identities and securing mobile workspaces – all based on the reality that employees are using portable storage devices to transport corporate data.[5]

The security news follows five acquisitions the company made in 2011 within scalable storage and data security: Louisville, Colo.-based ENCRYPTX;[6] Montreal-based MXI Security from Memory Experts International; the assets of Boulder, Colo.-based ProStor, including the InfiniVault tiered storage system; IronKey's secure data storage hardware business; and intellectual property and other assets, including key data deduplication technology from Middleboro, Mass.-based Nine Technologies. As part of the deal with IronKey, Imation entered a strategic partnership whereby Imation receives 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 (SMB), 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.

The storage media and accessories business was shut down in 2016.[11]

Imation changed its name to Glassbridge Enterprises on February 21, 2017.[12]

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 2012.  Check date values in: |access-date= (help)
  9. ^ "DVD Tracker: Trends for DVD Recorder and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 2012.  Check date values in: |access-date= (help)
  10. ^ "Back-Up Tape Tracker: Q.4-2011 Global Review". Santa Clara Consulting Group. 2011. Retrieved February 2012.  Check date values in: |access-date= (help)
  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

External links[edit]