Sphere 3D Announces Definitive Agreement to Sell Data Protection and Archive Business

Sphere 3D (NASDAQ:ANY) has announced it has entered into a definitive agreement to sell its Data Protection and Archive Business to Silicon Valley Technology Partners LLC.

As quoted in the press release:

The board of directors of Sphere 3D has unanimously (with Mr. Kelly recused from the deliberations and voting) approved the transaction upon the unanimous recommendation of a Special Committee of the board of directors of Sphere 3D (consisting entirely of independent directors, the “Special Committee).

“I believe the separation of the DP&A business from Sphere 3D is excellent news for all our respective stakeholders. I am excited that the strategy we initiated last year is materializing into positive outcomes for our investors, customers, employees and suppliers,” said Mr. Kelly.  “The Virtualization and DP&A businesses will become more precise through dedicated tactics that will continue to fortify the continuum of our efforts over the past year and beyond.”

“We are pleased to have reached this agreement to sell the DP&A business,” said Peter Tassiopoulos, President of Sphere 3D. “The sale of this business is consistent with the results of our strategic review and completing a transaction to render the company debt free and allows us to better focus on our Converged and Hyperconverged product offerings.”

Click here to read the full press release.