Feeds

Plasmon takeover talks fail

Looking for investors

HP ProLiant Gen8: Integrated lifecycle automation

The talks between Plasmon and a private equity firm trying to take over the business have terminated. Plasmon's shares have been temporarily suspended on the London stock exchange.

Plasmon sells archive systems which include archive software, disk storage, and optical disk drive storage. It has an agreement with NetApp regarding disk storage and has just announced a relationship with IBM in which Plasmon’s UDO Archive Appliance is being combined with IBM’s Hot Site Recovery Service. File Net P8 customers get the features of archival disk and optical media in a single system.

At the beginning of September, Plasmon's board decided it could no longer fund the business which was seeking fresh working capital in the face of a sales slowdown. It recommended a takeover approach from a US-based private equity firm to shareholders.

For the firm, CEO Steven Murphy said it was business as usual while this investment possibility was being followed up. However, a statement today "confirms that these discussions have terminated. In the circumstances, Plasmon has requested, and the FSA (Financial Services Authority) has confirmed, an immediate suspension of the listing of the ordinary shares of the Company on the Official List of the FSA."

It is understood that discussions with other potential investors are ongoing and talks are moving forwards. Plasmon staff are said to be "extremely positive about the opportunities that are there." Obviously, things are extremely fluid in the financial area given the situation facing banks, investment houses, and so forth. One commentator said wryly that it is not the best time to be looking for refinancing. ®

Eight steps to building an HP BladeSystem

More from The Register

next story
THUD! WD plonks down SIX TERABYTE 'consumer NAS' fatboy
Now that's a LOT of porn or pirated movies. Or, you know, other consumer stuff
EU's top data cops to meet Google, Microsoft et al over 'right to be forgotten'
Plan to hammer out 'coherent' guidelines. Good luck chaps!
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
FLAPE – the next BIG THING in storage
Find cold data with flash, transmit it from tape
Seagate chances ARM with NAS boxes for the SOHO crowd
There's an Atom-powered offering, too
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.