Benzinga | Jul 19, 2021 09:23AM EDT

Quantum To Acquire Surveillance Portfolio, Assets From Pivot3 For $8.9M

* Quantum Corp (NASDAQ:QMCO) inked an agreement to acquire the video surveillance portfolio and assets of Pivot3 for $8.9 million in cash and stock.

* Pivot3 is a pioneer in hyperconverged infrastructure (HCI) and intelligent software solutions for security and surveillance markets.

* The acquisition brings a diverse portfolio of video surveillance appliances, network video recorders (NVRs), and management applications along with a scale-out hyperconverged software platform.

* Together with Quantum's current line of NVR servers, the StorNext File System, and ActiveScale object storage, the Pivot3 additions round out a comprehensive surveillance and security portfolio, spanning small to multi-petabyte deployments.

* The acquisition will be slightly accretive to EBITDA through the FY22 remainder.

* Quantum held $33.1 million in cash and equivalents as of Mar. 31.

* Price action: QMCO shares closed at $6.07 on Friday.