Tandberg Data Completes Restructuring

Tandberg Data focuses on execution of strategic vision of broadening data protection portfolio.

May 19, 2009

2 Min Read
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Oslo Norway, (May 19, 2009): Tandberg Data, the global supplier of data protection solutions, today announced that the new holding company, TAD Holdings AS, has been successfully established. TAD Holdings owns all global Tandberg Data subsidiaries. Cyrus Capital is the majority shareholder and owner of the newly established company.

During the restructuring process, Tandberg Data's global subsidiaries have remained 100% focused on serving customers worldwide. Tandberg Data Corporation in the U.S., Tandberg Data Japan, Tandberg Data Singapore, and Tandberg Data in Europe have continued operations, research and development, sales and marketing, and have provided customers with service and support. This month's introduction of the DPS1000 Series VTL, the company's new disk-based backup solution, has been a testament to the continued focus of the company.

With the restructuring process completed, the Tandberg Data management team, led by CEO Pat Clarke, continues to run the company.

"This is a critical and very positive milestone in the continued transformation of the company," says Clarke. "The restructuring process has been tough, but it has placed the organization on the path to profitability and success, for both the short and long term future. I have been impressed by the focus and determination of our team, and would like to thank our partners and customers for standing by us during this challenging process."

The company now moves into the next phase of its transition, as it focuses on the continued execution of its strategic vision of providing data protection solutions, including disk, tape drives and automation, software and services, to the SMB market.About Cyrus Capital

Cyrus Capital Partners, L.P., with offices in New York and London, is a registered investment adviser. Cyrus Capital Partners invests across the capital structure of leveraged companies throughout their life cycles, and seeks to generate attractive absolute returns that are not correlated to or dependent upon the general equity and fixed income markets.

About Tandberg Data

Tandberg Data is a leading global supplier of data protection solutions. Tandberg Data offers a wide selection of secondary storage solutions, ranging from disk-based appliances, such as the RDX?? QuikStor??? and the Tandberg DPS1000 Series??? VTL, to automated tape solutions like the Tandberg StorageLoader??? and StorageLibrary??? Series. Tandberg Data also offers tape drives, based on the LTO???, SLR???, and VXA?? tape technology platforms, and media. Tandberg Data solutions are supported by robust, easy to use software, such as the RDX?? FileKeeper???, the continuous data protection solution for the RDX QuikStor. All solutions are supported through a worldwide service and support network, recognised globally for its outstanding levels of service. In addition to the standard warranty and support offerings, on-site service upgrades provide Tandberg Data customers with further peace of mind.

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