Imation Corp. announced Wednesday that it has entered a deal to buy Nexsan for $120 million, according to Yahoo! News.
Nexsan is based in Thousand Oaks, Calif. Approximately 200 employees based in the U.S., U.K. and Canada, will be joining Imation's ranks.
Nexsan will continue to operate out of Thousand Oaks under existing management. The move is expected to accelerate Imation's growth, according to the press release posted on Yahoo! News.