Benzinga | Oct 19, 2021 10:51AM EDT

Quantum Collaborates With IBM On LTO Technology

* Quantum Corp (NASDAQ:QMCO) bonded with International Business Machines Corp (NYSE:IBM) on the next generation of LTO technology. The specific terms of the agreement remain undisclosed.

* Quantum will collaborate with IBM to develop LTO-10 tape drives and media to accelerate time-to-market, capacity, and performance.

* Linear Tape Open (LTO), also known as the LTO Ultrium format, is an open tape format designed for high-capacity long-term storage.

* "With the massive growth in data, as well as pervasive ransomware threats, low-cost ultra-secure LTO is more relevant than ever," said Jamie Lerner, President and CEO, Quantum.

* Price Action: QMCO shares traded lower by 0.18% at $5.42, while IBM is down 0.23% at $142.03 on the last check Tuesday.