updated 12:05 pm EDT, Mon June 30, 2008
Imation acquires XtremeMac
Imation has acquired "substantially all" of XtremeMac's assets, according to a company announcement. The deal is said to be worth at least $9 million, divided between $7 million in cash and a remaining amount in assumed liabilities; Imation may additionally pay as much as $10 million over the course of three years, depending on how profitable the acquisition becomes. In any case the company does not expect the deal to substantially affect its fiscal 2008 results.
Imation is primarily known for its storage media, such as cartridges, DVDs and solid-state drives. XtremeMac by contrast is known for mostly for iPhone and iPod accessories, such as cases and the Luna X2 clock radio. It has also branched out into Apple TV accessories like HDMI-to-DVI adapters.
The founder of XtremeMac, Gary Bart, will retain a leadership role, guiding the remnants of his company under a new accessories division.