Crossroads (CRDS) Enters $5M Deal w/ Iron Mountain (IRM); Will Develop StrongBox Technology
Tweet Send to a Friend
Up)
Crossroads Systems, Inc. (NASDAQ: CRDS), announced it signed agreements with Iron Mountain Incorporated (NYSE: IRM) that include up to $2.2 million non-recurring engineering (NRE) agreement and a $3 million investment (a purchase of 582,524 shares of Crossroads common stock) by Iron Mountain.
In addition, the two companies have agreed to explore the development of specific solutions using StrongBox technology from Crossroads. StrongBox is the first enterprise-level archive solution to leverage Linear Tape File System (LTFS) technology, featuring the scalability and economy of tape with the speed and accessibility of disk. It serves as a file-based and fully portable storage solution for long-term data retention.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
In addition, the two companies have agreed to explore the development of specific solutions using StrongBox technology from Crossroads. StrongBox is the first enterprise-level archive solution to leverage Linear Tape File System (LTFS) technology, featuring the scalability and economy of tape with the speed and accessibility of disk. It serves as a file-based and fully portable storage solution for long-term data retention.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: ViroPharma (VPHM) on the Move Following Takeover Chatter - Reuters
- Rambus (RMBS) Enters License with STMicro (STM)
- Moneygram (MGI) Higher on Potential Sale
Create E-mail Alert Related Categories
Corporate News, Mergers and Acquisitions
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
