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Imation Acquires Data Security Firm

Oakdale, Minn. – Imation
has acquired MXI Security, a supplier of data-security solutions and
technologies to enterprises.

Financial terms of the
transaction between Imation and MXI parent Memory Experts International were
not disclosed.

About 40 employees of the
Montreal-based MXI are expected to transfer to Imation with the acquisition.

“This acquisition
represents another significant step in Imation’s strategy to invest in key
technology platforms to address customers’ needs for data storage, protection
and connectivity,” said Imation’s president and CEO Mark Lucas. “MXI is an
innovative leader in high-security and privacy technologies whose solutions
will enhance Imation’s ability to meet our global customers’ growing needs in
information security, compliance and management. The MXI team also brings
strong technology skills in secure hardware and software engineering,
enterprise security solutions, government-validated encrypted USB devices and
cryptology to Imation’s research, development and engineering organization.”

Commenting on the
importance of continued strategic OEM relationships, Lucas said: “Imation looks
forward to building upon the strength of MXI Security OEM relationships,
including McAfee. McAfee is a highly strategic OEM partner to MXI Security and
Imation intends to continue the strategic sales, marketing and engineering
investments in the McAfee relationship to drive new technology solutions.”

Imation’s acquisition of
MXI Security follows the March acquisition of the assets of Encryptx, a
supplier of encryption and security solutions for removable storage media and