A cloud seems to have drifted between Sanrise Inc. and its prospects. Despite being one of the best-funded storage service providers (SSPs) in the market, it has allegedly undergone a restructuring and may be seeking a buyer.
Sanrise made news in May when it raised a whopping $115 million worth of funding (bringing its total to $203 million) from a slew of investors, including Exodus Communications Inc. (Nasdaq: EXDS), Morgan Stanley, and Veritas Software Corp. (Nasdaq: VRTS). But apparently an influx of cash alone wont help Sanrise meet its charter. Several sources say layoffs amounting to roughly half of the companys 160-odd workforce took place this week.
Sanrise had not returned calls requesting confirmation at press time.
An industry analyst claiming inside knowledge of the company says chief financial officer R. Marshall Case was the force behind the layoffs, which the analyst says primarily affected field engineers. Case, who joined Sanrise this past June (see Sanrise Names CFO), was well known for his belt-tightening regimen as ex-CFO of
Exodus.
Other sources say the reports arent surprising and that Case can be trusted to know what hes doing. Sanrise acquired a key tape backup-and-restore business called Datavault from Exodus back in January (see Sanrise Acquires Exodus Unit). Datavault comprises a network of Sun servers that reside in the majority of Exodus data centers worldwide and enable companies to outsource their storage on a global scale. It now forms a key part of Sanrises network.
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