Verbatim Acquires SmartDisk's HD and Digital Imaging Business
Verbatim and its parent company Mitsubishi Kagaku Media, has announced the purchase of substantially all of the assets of SmartDisk's external hard drive and digital imaging business. The acquisition, which includes physical assets, patents, trademarks, technology, engineering and marketing expertise, was effective on June 30, 2007. The purchase price has not been disclosed.
The Verbatim brand is recognized worldwide for delivering data storage solutions with the latest technologies, the highest quality, and features that add value for the consumer. The company's role as an innovator is especially apparent in the magnetic and optical storage markets where it has been known as a pioneer for more than 30 years. Verbatim is also enjoying an increasing presence in the global portable storage market. As part of its corporate strategy to capitalize on this trend and complement its existing portable storage product line, the company purchased SmartDisk's hard drive and imaging assets. NPD reported that SmartDisk had a 16 percent market share in the US retail portable drive market in 2006.
By combining its worldwide brand strength and its new assets, Verbatim will offer an expanded line of optical, magnetic and flash products that meet the diverse storage needs of consumers and businesses around the globe.
The need for a fast, easy way to store, share and transport data files, presentations, photos, music and video is fueling explosive growth in the worldwide removable storage industry. IDC predicts more than 6 million external hard drives will be shipped in 2008, up 58 percent from the 3.8 million units shipped in 2006.
In addition to acquiring SmartDisk technology and patents, Verbatim is hiring key US engineering, operations, marketing and sales personnel to smooth the transition and assist with future business growth.
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