Imation Acquires Encryption And Security Solutions Company ENCRYPTX

Imation, a global developer and marketer of branded products that enable people to store and protect digital information, has acquired ENCRYPTX Corporation, which provides encryption and security solutions for removable storage devices and storage media.

Terms of the deal were not disclosed, but approximately 10 employees will transfer from ENCRYPTX to Imation.

The transaction includes a portfolio of software solutions and intellectual property that allow enterprises to protect, encrypt, control, and manage ‚Äúdata at rest”. The ENCRYPTX portfolio includes encryption, device management and control, and digital rights management solutions that protect removable drives, flash drives, CDs, DVDs and PC data.

ENCRYPTX was acquired from BeCompliant, which itself bought the company in March 2007.

ENCRYPTX was originally founded in 1999 by a former cryptologist with the National Security Agency who designed and built trusted systems for some of the most advanced and classified government programs.

The company had raised over $7.5 million in funding prior to the buy-out by BeCompliant.