Wednesday, April 24, 2013

Fusion-io Acquires NexGen Storage

Salt Lake City-based Fusion-io, the publicly held developer of solid state storage products, has acquired fellow data storage developer NexGen Storage, the company announced Wednesday afternoon. Fusion-io said it paid $114M in cash and approximately $5M in stock for NexGen, and has added approximately 50 NexGen employees to its team. NexGen was venture backed by Grotech Ventures, Access Venture Partners and Next World Capital, and had raised around $13.1M in funding--a huge win for the company's backers. Fusion-io said the acquisiton was a strategic expansion of its product portfolio, particularly in the SME market. NextGen co-founder John Spiers has become Senior Vice President and General Manager, NexGen Products at Fusion-io.