Imation
Template:Use American English Template:Use mdy dates Template:Short description Template:Infobox company
Imation Corporation was an American company which manufactured and marketed data storage products. It was founded in 1996 as a spin-off of 3M's data storage and imaging business. 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 the company calls "audio and video information" products.<ref>Template:Cite news</ref>
In January 2017, the company announced a change of name and direction, completing its move away from the data storage business towards being focused on asset management and strategic investment and rebranding itself as GlassBridge Enterprises.<ref name='twincities' />
The Imation brand was sold off later that year to O-Jin Corporation Co.,<ref name='prnewswire' /> a Korean company who have since licensed its use to other businesses,<ref name='ojin_license' /> but retain ownership of it Template:Asof.<ref name='imation_en' />
History
As 3M
Originally part of 3M, the company was involved in the development of many technological improvements in data storage, such as the introduction of the first American-made magnetic tape in 1947,<ref>Template:Cite web</ref> the first quarter-inch tape cartridge for data storage (QIC) in 1971, and the Template:Convert floppy disk in 1984.
As Imation
Imation was started in 1996, when 3M spun off its data storage and imaging business.<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref>
In late 2007, Imation acquired TDK's recording media business, including flash media, optical media, magnetic tape, and accessories, for $300 million.<ref name='reg_sale' /><ref>"Imation and TDK Agree to Imation's Acquisition of TDK Brand Recording Media Business for $300 Million in Stock and Cash" Template:Webarchive, Press Release, Imation.com, 19 April 2007.</ref> This also included a license to use the "TDK Life on Record" brand on data storage and audio products<ref>Template:Cite web</ref> for 25 years.<ref name='reg_sale'>Template:Cite web</ref> In September 2015, Imation announced that it had agreed to relinquish this license<ref>Template:Cite web</ref> and would cease selling TDK-branded products by the end of the year.<ref>Template:Cite web.</ref>
In February 2012, Imation announced a product set to secure mobile data, identities, and workspaces, based on the idea that employees used portable storage devices to transport corporate data.<ref>Template:Cite news</ref>
The security news followed five acquisitions the company made in 2011 in scalable storage and data security: ENCRYPTX;<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref>
In October 2011, Imation products for small and medium businesses centered on its DataGuard and InfiniVault multi-tier data protection and data archive appliances.Template:Citation needed
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<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> before that business was shut down in 2016.<ref>Template:Cite web</ref>
Change of name and direction
In January 2017, Imation announced its intention to change its name to Glassbridge Enterprises, completing its change of direction away from the data storage business towards being an asset management and strategic investment company. <ref name='twincities'>Template:Cite web</ref> The name change became effective on February 21, 2017.<ref>Template:Cite web</ref>
Net revenue for 2016 was $44.1 million, compared to $529.2 million the year before.<ref>Template:Cite web</ref>
Sale of Imation brand
Glassbridge Enterprises sold the Imation brand name to Korean company O-Jin Corporation Co., Ltd. (now Ojin Corporation Co.) on August 4, 2017.<ref name='prnewswire'>Template:Cite press release</ref>
In 2019 Imation, by then under O-Jin's ownership, announced licensing deals for use of the brand by PNY Technology, Ritek Corporation and photo printer company Prinics.<ref name='ojin_license'>Template:Cite web</ref>
Template:Asof O-Jin still owns the Imation brand.<ref name='imation_en'>Template:Cite web</ref>
See also
References
External links
- Financial services companies established in 1996
- Companies based in Minnesota
- Manufacturing companies based in Minnesota
- Computer companies established in 1996
- Companies formerly listed on the New York Stock Exchange
- Companies traded over-the-counter in the United States
- Computer hardware companies
- Computer storage companies
- Computer memory companies
- Electronics companies of the United States
- Multinational companies
- Investment companies of the United States
- Investment management companies of the United States
- Corporate spin-offs
- 3M
- Computer companies of the United States
- 2017 mergers and acquisitions