Tandberg Data Finalizes Restructuring

Tandberg Data announced that the new holding company, TAD Holdings AS, has been successfully established. TAD Holdings owns all global Tandberg Data subsidiaries. Cyrus Capital Partners, L.P. is the majority shareholder and owner of the newly established company.

During the restructuring process, Tandberg Data’s global subsidiaries have remained 100% focused on serving customers worldwide. Tandberg Data Corporation in the US, Tandberg Data Japan, Tandberg Data Singapore, and Tandberg Data in Europe have continued operations, research and development, sales and marketing, and have provided customers with service and support. This month’s introduction of the DPS1000 Series VTL, the company’s new disk based backup solution, has been a testament to the continued focus of the company.

With the restructuring process completed, the Tandberg Data management team, led by CEO Pat Clarke, continues to run the company.

"This is a critical and very positive milestone in the continued transformation of the company,” says Pat Clarke, CEO of Tandberg Data. “The restructuring process has been tough, but it has placed the organization on the path to profitability and success, for both the short and long term future. I have been impressed by the focus and determination of our team, and would like to thank our partners and customers for standing by us during this challenging process.”

The company now moves into the next phase of its transition, as it focuses on the continued execution of its strategic vision of providing data protection solutions, including disk, tape drives and automation, software and services, to the SMB market