Fabrik Acquires Simple Tech’s Consumer Product Business For $43M

Online multimedia storage provider Fabrik acquired the consumer product business of software company SimpleTech for $43 million in cash, the company announced on Monday. Fabrik said it believes the purchase will help it create a personal digital media network that will let users create, store and share content. The transaction gives Fabrik control of SimpleTech’s consumer business, which includes flash memory cards drives, as well as rights to the SimpleTech brand name. Fabrik is betting that consumers will want services that easily back up content as they accumulate increasing amounts of digital photographs, home movies, music and movies in case of a computer failure. San Mateo-based Fabrik is backed by Comventures and Intel’s venture unit. Release
Reuters: Intel and Fabrik are planning on introducing a memory storage device and a related online service within the next six months.

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