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AOL Acquires Online Storage Firm Xdrive

Authored by Mark Hefflinger on August 4, 2005 - 5:22am.
Dulles, Va. -- In its first major acquisition in a year, America Online said on Thursday that it has acquired Xdrive, a California-based provider of online storage and backup services. Financial terms of the deal were not disclosed. Xdrive, which has 34 employees, will operate as a stand-alone subsidiary of AOL under the company's Digital Services business unit and continue to be based in Santa Monica. Xdrive manages an online storage platform that gives subscribers access to their digital assets -- such as music and photos -- regardless of location or means used to access the Internet. Gio Hunt, the senior vice president of new business ventures at AOL Digital Services, said that the acquisition will allow AOL's members to more easily protect and manage their data files and digital media assets.
tags: Deals | AOL | Xdrive | Online Storage Firm |