Storage Networks Up for Sale

Move follows resignation of CEO Peter Bell and massive layoffs for the Waltham, Mass., storage firm.

Storage Networks Inc., the once-popular service provider turned software company, is the latest storage firm up for sale.

"We anticipate that our Board of Directors will be required to focus significant energy and time working with our investment bankers and other advisors to identify and assess opportunities to maximize shareholder value," CEO Paul Flanagan said, in a statement released Wednesday.

The Waltham, Mass., company also announced the resignations of directors George McClelland and William Weyand. Former CEO and co-founder Peter Bell left in January.

Company officials were not available for comment at this time, but in January officials said that the company had approximately 110 employees.

Legato Systems Inc., a much larger storage software company specializing in data backup and recovery, is also for sale, with Hopkinton, Mass.-based EMC Corp. said to be the likely buyer.

Other recent storage industry acquisitions include Computer Associates International Inc.s purchase of Netreon Inc., Veritas Software Corp.s purchase of Precise Software Solutions Ltd., Brocade Communications Systems Inc.s purchase of Rhapsody Networks Inc., and Sun Microsystems Inc.s purchase of Pirus Networks Inc.

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