IceWEB announces merger agreement with Promark Techology
- March 7, 2011
IceWEB Inc. in Sterling, a provider of data storage and building blocks for cloud storage networks, announced Monday that it has reached a definitive merger agreement with Maryland-based Promark Technology Inc., a privately-held, national distributor of data storage products and solutions.
In business for 26 years, Promark has a nationwide network of more than 1,200 resellers. The company focuses on selling storage solutions to mid-size and enterprise companies and to organizations in both the private and public sectors. According to IceWeb, Promark is a primary distribution partner for some of the leading storage companies including EqualLogic (acquired by Dell), LeftHand Networks (acquired by HP) and Compellent (acquired by Dell).
John R. Signorello, chairman & CEO of IceWEB, said in a statement that the vertical integration merger would benefit both parties. “Both firms have looked at the storage pace and recognized that to succeed a company must have several things, some of which IceWEB had and some of which Promark Technology had. The combined company will be a data storage powerhouse with over 1,200 plus channel partners and a leading 128 bit file system platform. When you blend that with a professional engineering services arm and the ability to ship and deliver expeditiously, the sky is the limit for the combined company.”
The new consolidated company, IceWeb Inc., would be located at Promark’s facility in Annapolis Junction, Md. Financial terms of the deal were not disclosed.