StorageTek Spins Off Storage Services Unit

FRAMINGHAM (03/31/2000) - Storage Technology Corp. and Great Hill Partners LLC said they have spun off a company whose charter is to offer data storage services such as storage on demand and server backup.

ManagedStorage International Inc., which will begin operations immediately, will also provide PC backup and content management services for customers, StorageTek and Great Hill said in a statement. The new company will initially target start-up online businesses.

Great Hill, a Boston-based investment firm, pumped $50 million into ManagedStorage. StorageTek, in Louisville, Colorado, will provide the hardware, software and technology to the company, which will also be based in Louisville.

Daniel Coetsier, formerly general manager of StorageTek's solutions business group for Europe, Africa and the Middle East, will be the new company's president. B. D. Johnson, former vice president and general manager of StorageTek's storage management software business group, has been named chief operating officer and chief technical officer of ManagedStorage.

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