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2005-10-19 Investment Company Backs Fibrenetix Growth Plans

 

West Sussex, UK – October 19, 2005 - UK-based Nairn Investments, a specialist technology investment company, has backed the ambitious global growth plans of European storage pioneer Fibrenetix with the announcement of a 30% equity acquisition agreement.

 

As part of the deal, Irish businessman Hans O’Sullivan, one of the best-known faces in the storage world, will join the Fibrenetix board.

 

The move comes eighteen months after Jes Nagel, Fibrenetix founder and CEO secured ?substantial’ EU funding for the development of the company’s northern Spain-based manufacturing and assembly plant – and just weeks after the launch of the group’s USA subsidiary in Silicon Valley, California.

 

Said Nagel: “We are poised for dramatic growth in coming months. The launch of our San Jose office is a major springboard in our global expansion plans – and this latest announcement brings one of the storage world’s major players to our boardroom.

Hans O’Sullivan brings priceless knowledge and experience to the table - and his role is to look closely at strategy and corporate direction.”

 

O’Sullivan (47), who is well-known in the storage industry as founder/CTO of Eurologic and founder/CEO of Elipsan, plans to help guide Fibrenetix is through corporate growing pains by focusing on product innovation and specific target markets.

 

He said: “I am delighted to take up this advisory role on the Fibrenetix board.

Jes Nagel is very good at spotting opportunities and trends. He is something of a visionary in the storage world following his pioneering work with IDE RAID. The real challenge for a small company as it grows is to maintain tight controls without killing off innovation and I think it’s going to be an exciting time at Fibrenetix in coming years.”

 

Ends

 

 

Further information:

Trevor Lansdown at wordengineers.com:

T: +44 (0) 1206 241575)

E: info@wordengineers.com

Or

Mandy Stone at Fibrenetix

T: +44 (0) 1293 400515

E: marketing@fibrenetix.com

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