Storage vendor Quantum has agreed to purchase Certance, a manufacturer of tape-based storage devices, Quantum said in a statement released this week.
The US$60 million transaction, which is subject to antitrust review, is expected to close by the end of 2004, the company said.
Certance sells storage devices for small and medium-sized businesses based on the DAT/DDS (digital audio tape/digital data storage) and LTO (Linear tape open) tape formats.
The acquisition will enhance Quantum's presence with small and medium sized businesses and strengthen Quantum's channel business, while bringing the company's annual revenues to over $1 billion, the statement said.
The company, which has over 1,000 employees, was known as Seagate Removable Storage Solutions until April 2003, when it adopted the Certance name.