Storage manufacturer Quantum (see URL below) has agreed to spin off its Network Attached Storage (NAS) business, currently marketed under the Snap Server and Guardian brands. The spinoff will form a new company called Snap Appliance. The move is part of Quantum's restructuring plan, which calls for the company to focus exclusively on data protection.
Under the agreement, Snap Appliance will purchase Quantum's NAS assets for $11.3 million and will employ many of Quantum's NAS employees. The plan also includes the option for Quantum to receive up to $1.9 million in additional consideration in connection with future financing. The transaction is expected to close by the end of the month.