Copan has finally found a buyer, at the fire-sale price of $2 million.
SGI said Tuesday night it picked up Copan’s assets in a foreclosure sale, including its product portfolio and “select” employees, and will maintain the MAID vendor’s Longmont, CO, headquarters.
Copan has been on the block for at least a year, and has been without a CEO since Mark Ward stepped down last July following layoffs in late 2008. There were frequent rumors of Copan’s demise in recent months but the vendor kept a skeleton staff until it could complete a sale.
SGI’s press release announcing the acquisition said it will now “be able to offer an expanded portfolio of purpose-built, innovative, massively scalable high performance storage products. Specifically, with the COPAN platform, SGI will be able to offer new storage technologies that target Persistent Data storage.”
The product page of SGI’s web site lists three Copan products: Data Archive 300A, Native MAID 300M, and 300T/TX Virtual Tape Library.
Copan’s investors took a beating on the sale. The vendor took in more than $100 million in funding, including an $18.5 million round a year ago. The MAID disk-spin down technology that Copan pioneered was a hot technology a few years back, but larger vendors such as EMC and Hitachi Data Systems have since incorporated it (without many sales) and competitors such as Nexsan have added intelligence to spin down that was lacking in Copan’s products.
SGI has its own history of financial problems, and last year was acquired by Rackable for $25 million. Rackable then assumed the SGI name. SGI’s storage platform includes InfiniteStorage NAS and RAID systems, and Rackable Storage Servers.