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Quantum to buy tape rival Certance

Data storage tape company will pay $60 million in cash.

Data storage tape company Quantum on Wednesday said it will pay $60 million in cash to acquire rival tape technology developer Certance. The purchase price excludes the distribution to the sellers of up to $34 million from Certance's balance sheet, Quantum said.

Certance developed LTO Ultrium format with partners IBM and Hewlett-Packard. Quantum, the creator of DLTtape technology, already sells LTO Ultrium-format drives in its tape automation systems. "As a newly combined $1 billion company building on Quantum's and Certance's complementary strengths, we will offer the industry's broadest portfolio of tape and disk systems for backup, recovery and archive," Quantum CEO said in a statement.