Net Resources/BakBone Software Announces Definitive Agreement to Acquire NetVault Ltd.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Feb. 29, 2000 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :NRH.) Establishes Foundation for Software Storage Management Initiative Net Resources Inc. (BakBone Software - www.bakbone.com), (Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. Symbol - NRH) is pleased to announce a signed definitive purchase agreement for the acquisition of NVS Holdings, Inc., including the acquisition of NetVault Ltd.(www.netvault.co.uk), based in the United Kingdom. NetVault Ltd. features the critically acclaimed Storage Management Application, NetVault(tm) Software.. The acquisition is subject to approval by shareholders and the Toronto Stock Exchange, and is scheduled to close in March, 2000. "NetVault Software is a storage management application that supports the demanding needs of today's data infrastructures from departmental to enterprise systems, including all major UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). , Windows NT, and LINUX platforms. It addresses the needs of system administrators for the open systems, client server, and Storage Area Network (SAN) markets around the world," said Jack Corrao, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The recent release of NetVault 6 has an advanced architecture that meets the challenges of storage management for the new high growth enterprise storage SAN market." "The acquisition of NetVault Ltd. by BakBone Software gives the NetVault application greater exposure in the global markets with an added impetus to further development in emerging areas of the storage software market," said Fabrice Helliker, director of NetVault Ltd., "This brings the necessary investment required for worldwide infrastructure and distribution, and a management team with proven success in the Storage Management marketplace. We are very excited to be part of BakBone's storage management vision." Originally developed by AT&T Bell Labs, NetVault spun out into a private company in 1997, NetVault Ltd. is currently headquartered in Poole, England, with a subsidiary in Tokyo, Japan, where the product is localized and distributed to major distribution channels in Japan and Asia. NetVault Ltd.'s worldwide distribution channels include other major OEMs worldwide. The market for storage management software is expected to accelerate due to exponential growth expected as a result of corporate investment in SAN technologies. Players in the SAN marketplace include Brocade (BRCD), Veritas (VRTS VRTS Veritas Software (stock symbol) VRTS Verification Requirements Tracking System ), Crossroads (CRDS CRDS Contribution pour Le Remboursement de la Dette Sociale (French: Social Debt Repayment Contribution) CRDS Cavity Ring-Down Spectroscopy CRDS Community Rehabilitation and Disability Studies ), Gadzoox (ZOOX), JNI (JNIC JNIC Joint National Integration Center ), Legato (LGTO LGTO Legato Systems (stock symbol) ), EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. (EMC) and others. Net Resources Inc. (BakBone Software), headquartered in San Diego California, is opening a new state-of-the-art facility to support worldwide sales and training in April of 2000. Management principals in Net Resources Inc. and NetVault Ltd., will take equity positions in Net Resources Inc. (BakBone Software), and continue with the company, upon completion of the planned acquisition. Net Resources Inc. (BakBone Software) plans to become a major player in the storage management software market. Current customers include major OEMs and top storage-centric Value Added Resellers and distributors worldwide. This information has neither been approved nor disapproved by the Toronto Stock Exchange. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion