Xiotech Secures $40 Million in New Financing; Seagate's Steve Luczo Joins Board of Directors

Nov 30, 2007

November 27, 2007

XiotechCorporation, provider of data storage and business continuitysolutions, has completed an investment round, led by Luczo, in excessof $40 million. Xiotech recently announcedthat it had acquired Seagate's Advanced Storage Architecture(ASA)group. Under the agreement Xiotech acquired certain assets of the ASAbusiness and acquired a license to the associated technology, whichXiotech plans to incorporate into its existing storage solutions.Xiotech will use the new funds to bring these new technologies fromSeagate to market. Xiotech also announced that Steve Luczo, chairman of the board for Seagate Technology, was elected to Xiotech's board of directors.