"This acquisition will not only help our customers make better business decisions based on their data, but it represents another key step in Quantum's transformation by adding data enrichment technology to our portfolio,” said Jamie Lerner, president and CEO at Quantum.
Quantum’s acquisition of Square Box Systems will expand the company’s portfolio that classifies, manages and protects data across its lifecycle by adding technology advancements to further enrich video, digital images and other forms of unstructured data.
The purchase will also strengthen Quantum's ability to provide software solutions to help companies expand business value within data, both on-premises and in the cloud.
"There is huge untapped value contained in video, digital images, and other valuable file data… We are also adding a growing, profitable software business unit with strong gross margins that is in the late stages of transitioning to a cloud-based SaaS business,” Lerner added.
Square Box Systems' CatDV is an agile media management and workflow automation software platform that helps organizations with large volumes of media and metadata to organize, communicate and collaborate more effectively.
CatDV has integrated artificial intelligence and machine learning technology to simplify cataloging and analysis of digital assets, including video, images, audio files and PDFs. The company’s solution also enables advanced search across local and cloud repositories and provides access control across the full data lifecycle for secure sharing and data governance.
"Joining forces with Quantum makes CatDV much stronger: becoming part of a larger organization with its visionary leadership team, whilst gaining access to an amazing pool of talent, gives CatDV more opportunity to better serve our existing and future customers,” Dave Clack, former CEO of Square Box Systems and general manager, Cloud Software and Analytics at Quantum said.
Quantum expects the initial financial impact of the transaction to be accretive to current business operations and additional guidance will be provided with Quantum's release of its fiscal Q3 FY2021 financial results.