Xiotech Gets $40 Million From Seagate’s Chairman Steve Luczo
By Jean Jacques Maleval | November 27, 2007 at 12:26 pmAccording to the Star Tribune, data-storage provider Xiotech has secured $40 million in mostly equity financing from a group led by Steve Luczo, the chairman of Seagate Technology, who is joining the board of Eden Prairie-based Xiotech.
The two companies have relationships since many years.
Xiotech was sold for $360 million in 1999 to Seagate which wanted to diversify into the storage subsystem business, but was not really successful trying to compete with storage giants. Then its executives, including founder Phil Soran, started in the same city competitor Compellent Technologies who raised $85 million in an IPO last October.
Oak Investment Partners got a 80% ownership of Xiotech from Seagate in 2003.
Xiotech buys the assets of Daticon for around $16 million in 2006.
Recently, Xiotech acquired the ASA (Advanced Storage Architecture) business of Seagate.
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