IronKey Announces Partnership With Imation to Focus on Securing Access to Cloud Services

September 19, 2011

SUNNYVALE, CA, Sep 20, 2011 -- IronKey, a leading company securing data and online access, announced today a partnership with Imation Corp., a leading global technology company dedicated to helping people and organizations store, protect and connect their digital world, allowing IronKey to focus its efforts on helping enterprises secure access to cloud-based Internet services. Imation will acquire the security hardware component of IronKey's business, and the two companies will partner to offer IronKey online security services to enterprises, financial institutions, governments and consumers. Founded in 2005, IronKey's online security services protect the data, passwords and transactions of over 3,000 government agencies, enterprises and their employees and customers.

As part of this strategy, IronKey and Imation announced that they have entered into a definitive agreement under which Imation will purchase the assets of IronKey's secure data storage hardware business. The agreement also establishes an ongoing partnership between the companies. IronKey will make its cloud-based security services available to Imation, whose customers will gain access to a growing set of capabilities to manage mobile devices, encryption, security policies, fraud prevention and virtualized applications.

"IronKey will accelerate our focus to bring more cloud-based security services to market," said Arthur Wong, CEO of IronKey. "IronKey Enterprise security services are used by thousands of companies to protect their employees and customers. The IronKey Trusted Access Platform service is used by financial institutions to prevent online banking fraud and achieve compliance with new FFIEC requirements. IronKey will expand this security service platform to enable all enterprises to protect their assets, data and transactions. IronKey will support multiple form factors and applications, including portable USB devices, software and mobile applications, for IronKey Trusted Access and other new IronKey security services."

According to industry analyst Technavio, the cloud security solutions market is growing at over 41 percent per year. As a result, IDC predicts 46 percent of net new growth in IT spending will come from cloud-based solutions.

"Cybercrime will challenge the entire global economy as enterprises, governments and consumers become more mobile, and move applications and data into the cloud," said Dave Jevans, founder and chairman of IronKey and of the Anti-Phishing Working Group. "This year we've seen some of the world's most respected companies and government agencies humbled by significant losses due to new threats from hacktivists, hostile nation states, cyber criminals and advanced persistent threats (APTs). IronKey is focused on enabling enterprises and government agencies to safely adopt the economic benefits of mobile and cloud computing amidst increasingly sophisticated cyber attacks."

"Imation looks forward to offering IronKey's cloud-based security services to our customers," said Mark Lucas, president and chief executive officer, Imation Corp. "Imation welcomes IronKey secure hardware storage employees, customers, and partners."

All IronKey Trusted Access customers will continue to receive product and support through IronKey and its global banking service providers. IronKey secure storage customers and partners will transition their product and support relationships to Imation.

About IronKey
Ranked by the Wall Street Journal as the 14th best venture-funded company in their "Next Big Thing 2011" survey, IronKey secures data and online access with software and hardware solutions managed through cloud-based services. IronKey's award-winning Trusted Access Platform helps financial institutions reduce the risk of online fraud, achieve compliance with Federal Financial Institutions Examination Council (FFIEC) guidelines, and acquire new customers with a competitive advantage. Starting with secure browsing that keeps customers safe from crimeware attacks on their PCs, banks can add multiple layers of security to meet the needs of client risk and value. Visit www.IronKey.com for more information.

About Imation Corp
Imation Corp. is a leading global technology company dedicated to helping people and organizations store, protect and connect their digital world. Our portfolio of data storage and security products, electronics and accessories reaches customers in more than 100 countries through a powerful global distribution network. Imation Corp.'s global brand portfolio includes Imation, Memorex, XtremeMac, TDK Life on Record, and MXI Security brands. Additional information about Imation is available at http://www.imation.com .

Resources - About IronKey Trusted Access Platform
The IronKey Trusted Access Platform is part of IronKey's strategy to provide the next generation of online security. Trusted Access provides an integrated platform of multiple security controls that changes the focus from single-point security controls to an integrated, multi-layer approach that strengthens online security for banks and their customers. (video:Introducing IronKey's Multi-Layer)(video:Integrated Online Banking Security Platform.) Online banking fraud committed by fraudsters using malicious software is now the most significant threat for US banks according to Gartner. IronKey also recently announced the industry's first downloadable, secure browser application as a new Trusted Access form factor. As part of the announced partnership, IronKey will use Imation's portable hardware security innovations in future Trusted Access and other products.