History 2001: MicroNet Close Doors

Ampex International has decided to close its subsidiary MicroNet Technology, whose Web site has already vanished.

The old storage manufacturer who become RAID maker was acquired by Ampex in 1998 for approximately $12.5 million.

From $30 million in 1997, MicroNet’s revenues fell to $12.1 million in 1999, steadily losing money all the while.

Ampex is, what’s more, seeking to sell its other subsidiary, Ampex Data Systems, which markets, among other things, DST tape-based products.

This article is an abstract of news published on issue 158 on March 2001 from the former paper version of Computer Data Storage Newsletter.

Note: MicroNet was acquired by Fantom Drives the same year.