Verbatim and its parent company Mitsubishi Kagaku Media (MKM), announced today the purchase of substantially all of the assets of SmartDisk's external hard drive (HD) 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 and high quality. 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. As part of Verbatim's 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.
"The acquisition of SmartDisk's external and portable hard drive business assets is complementary to Verbatim's existing business," said Shigenori Otsuka, president of MKM. "Plans are already underway to leverage these assets and Verbatim's heritage to quickly extend our global leadership in the removable storage and related accessories markets. Today's consumers and business professionals need the full range of removable and portable storage options - hard disk, optical and flash. Now, we can meet all of their storage requirements with a complete family of highly reliable, technically advanced solutions that are also cost-effective."
"The SmartDisk brand is well established in the US and Canadian markets," said Michael Battaglia, president and CEO for SMDK Corporation, formerly SmartDisk Corp. "Verbatim's and MKM's resources will promote the global reach necessary to compete on a worldwide basis. We are confident that Verbatim's support will continue to ensure strong growth for our former suppliers and customers."
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.