DEAL CLOSED : NEXSAN TO PROSPER WITH PRIVATE EQUITY CAPITAL INFUSION
Nexsan has announced that the transaction between Imation Corp . ( Imation ) and NXSN Acquisition Corp . ( NXSN ), an affiliate of Spear Point Capital Management LLC ( Spear Point ), pursuant to which all of the issued and outstanding common stock of Nexsan was sold to NXSN , has closed . Imation ’ s leaders Bob Fernander , its interim chief executive officer , and Geoff Barrall , its chief technology officer , will continue to run the Nexsan business as chief executive officer and chief technology officer of Nexsan , respectively , and will have seats on the new Nexsan board . The transaction is designed to enhance Nexsan ’ s plans for both organic and inorganic growth , as Nexsan will be infused with up to $ 10m in fresh private equity capital . The transaction is a strategic final step in the restructuring plan of Imation , which received 50 per cent of the issued and outstanding common stock of NXSN and a $ 25m senior secured convertible promissory note , by providing for third party investment in the Nexsan business to enhance Nexsan ’ s growth and support its recent product developments .
‘ We are excited to work with Spear Point in the acceleration of revenue growth at Nexsan ,’ said Bob Fernander ( pictured ), chief executive officer of Nexsan . ‘ The private equity capital infusion gives us the opportunity to further improve the way in which we cater to our customers , collaborate with our partners , and promote growth .’
IT and Telco experts fear for their company ’ s future
IT and Telco professionals ( 30 per cent ) believe their organisation is not prepared or agile enough for the challenges of the future , according to Networkers , a technology recruitment specialist .
Following a survey of over 1,600 IT and Telco professionals from around the world , Networkers reveals in its first survey – Technology : Voice of the Workforce – that tech professionals do not believe their organisation is prepared for the biggest disruptors , such as ; cyber security threats , political policy change , the Internet of Things and Big Data , regardless of the size of company they work for . Despite these threats , a quarter of the tech professionals ( 25 per cent ) say that they do not believe their company will be recruiting in the next 12 months , even though 32 per cent of technology professionals see the war for talent and the increasing skills shortage as one of the biggest disruptors to the industry within the next five years .
Added to this , tech professionals predict even more change within their own role , with 27 per cent saying their role will change substantially in the next five years .
James Smith , managing director of Networkers , commented , ‘ The digital revolution only really began 30 years ago , and a number of jobs today , such as IT security analysts and cyber architects , didn ’ t exist 10 years ago . There is a limit to how many people have learnt security skills within that time . To win the war on cyber security , we must continue to invest in defences and recognise the opportunities for securing talent for the future .’
Nexsan CEO Bob Fernander
Embedding a culture of innovation is key to retaining your best and brightest , advocates Databarracks
Technology companies should encourage a culture of innovation within their organisation to retain their most skilled staff , says Peter Groucutt , managing director of disaster recovery service provider Databarracks .
Recent research from Investors in People , the employment standards agency , has revealed that three-quarters of IT professionals could switch jobs in 2017 . Confidence in the tech job marketplace is up six per cent from last year . For those seeking a new challenge , better pay is the main driver but , critically , 36 per cent cited a lack of career progression within their current role as a key motivator for moving .
Groucutt states that an employee ’ s ambition can often surpass the ability of their organisation to facilitate it , particularly at the SME level . To avoid losing valued employees , organisations should foster a culture of innovation throughout the business that allows for employees to channel their aspirations effectively .
‘ Business agility is critical to the future success of any organisation . In practice this might be a firm ’ s ability to adapt to new technologies , or respond quickly to changing customer demands ,’ said Groucutt . ‘ Finding and retaining skilled staff is critical to the process , but many businesses struggle to retain top staff in a competitive market . Higher pay , career progression and flexible working are all factors that the research from Investors in People has identified as reasons for tech talent considering a job change in 2017 .’