Sphere 3D Completes Acquisitions of HVE and Unified ConneXions
January 30 2017 - 7:02AM
Sphere 3D Corp. (NASDAQ:ANY) (the “Company”), a
containerization, virtualization, and data management solutions
provider, today announced that it has successfully completed its
acquisitions of HVE ConneXions, LLC, and Unified ConneXions, Inc.
(collectively, “UCX”) pursuant to the definitive agreement
announced on January 19, 2017.
“We are excited to welcome the UCX team to
the Sphere 3D family, and look forward to building and executing on
our shared vision to deliver integrated data center solutions that
address customers rapidly growing and complex mobile, network,
virtualization, and storage requirements,” said Eric Kelly,
chairman and CEO of Sphere 3D. “The completion of this acquisition
marks an important step for Sphere 3D in its plan to achieve growth
and profitability.”
UCX provides hybrid cloud technology through a
focus on converged and hyperconverged infrastructure, along with
expert, professional IT services to corporate, government, and
educational institutions. UCX is based in the metropolitan area of
Dallas, Texas, and maintains three facilities including a 20,000
square foot integration center in Plano, Texas, a corporate
headquarters in Dallas, which includes a network operation center
(“NOC”) and a data center, and a sales / services office located in
Waxahachie, TX. The UCX engineers support customers’ IT
initiatives by providing strategic, architectural, operational, and
implementation planning related to the customers’ entire IT and
network infrastructure. In addition to each next generation
appliance that the UCX team engineers and deploys, they also
provide proactive 24x7x365 monitoring services for those appliances
under maintenance service contracts. The UCX services team
has the ability to work with customers either onsite or remotely,
and is certified in a wide range of technologies that include
Microsoft, VMware, Citrix, NVIDIA, and various networking
technologies. Its highly trained and skilled virtualization
engineers have a broad range of experience and technical expertise,
which has allowed UCX to differentiate itself by offering both
exceptional solutions and services to partners and customers.
The acquisition immediately strengthens the
company’s virtualization offerings with the addition of senior
management from UCX, world-class products, technologies,
professional services and engineering talent. In connection
with the hiring of UCX's employees, who include the three key
executives, Joseph O’Daniel, Chris Cunningham and David Harmon, the
Company will grant up to 5,161,030 inducement RSUs to such
employees, which will vest over the next three years.
Additional financial details were not disclosed.
About Sphere 3DSphere 3D Corp. (NASDAQ:ANY)
delivers data management, and desktop and application
virtualization solutions via hybrid Cloud, Cloud and on-premise
implementations through its global reseller network. Sphere
3D, along with its wholly-owned subsidiaries Overland Storage and
Tandberg Data, has a strong portfolio of brands dedicated to
helping customers achieve their IT goals. For more
information, visit www.sphere3d.com. Follow us on Twitter
@Sphere3D, @overlandstorage, and @tandbergdata.
Safe Harbor Statement This
press release contains forward-looking statements that involve
risks, uncertainties, and assumptions that are difficult to
predict. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of risks and uncertainties; our inability to
comply with the covenants in our credit facilities or to obtain
additional debt or equity financing; any increase in our future
cash needs; the Company’s ability to transfer the listing of its
common stock to the NASDAQ Capital Market due to its failure to
regain compliance with the NASDAQ Global Market listing standards
by January 30, 2017 and its ability to maintain listing with such
market; our ability to successfully integrate the UCX business with
Sphere 3D's other businesses; unforeseen changes in the course of
Sphere 3D’s business or the business of its wholly-owned
subsidiaries, including, without limitation, Overland Storage and
Tandberg Data; market adoption and performance of our products; the
level of success of our collaborations and business partnerships;
possible actions by customers, partners, suppliers, competitors or
regulatory authorities; and other risks detailed from time to time
in Sphere 3D’s periodic reports contained in our Annual Information
Form and other filings with Canadian securities regulators
(www.sedar.com) and in prior periodic reports filed with the United
States Securities and Exchange Commission (www.sec.gov). Sphere 3D
undertakes no obligation to update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise, except as required by law.
Investor Contact:
The Blueshirt Group
Mike Bishop
Tel: +1 415-217-4968
mike@blueshirtgroup.com
Sphere 3D (NASDAQ:ANY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sphere 3D (NASDAQ:ANY)
Historical Stock Chart
From Apr 2023 to Apr 2024