Overland Expects to Exceed $24 Million Revenue for 4FQ14 - Up from $20 million for former quarter

Overland Storage, Inc. announced an update on its business operations to address recent successes.

"The company continues to execute on its plan to become a global leader in the rapidly-growing virtualization, cloud computing, mobile and data management markets," said Eric Kelly, president and CEO, Overland. "We are seeing positive customer responses to the combination of Overland and Tandberg, and are progressing towards achieving the operational efficiencies required to return to profitability. In addition, our recent financial results, coupled with product growth and achievements, are providing a good foundation as we progress into our next growth phase."

Financial Highlights:

• Net revenue for the fourth quarter of FY2014 is expected to exceed $24 million, up from approximately $20 million from the third fiscal quarter.
• RDX revenue is expected to exceed $8 million for the fourth quarter of FY2014, up from approximately $6 million in the third quarter.
• NAS revenue increased more than 20% from the third quarter to the fourth quarter of FY2014.
• Integration with Tandberg Data: The company is continuing to remain on track with its integration plan, and expects to achieve approximately $20 million in annual synergies, as previously disclosed, by the end of calendar year 2014.

Business Highlights:

• RDX: The RDX product line has reached a milestone with over 2 million RDX removable disk cartridges and over 650,000 RDX drives shipped worldwide.
• NAS: The company announced the newest version of its GuardianOS NAS OS with enhanced features for simplified storage management, improved compatibility, security and performance. Optimized for reliability and speed, GuardianOS delivers storage provisioning, data protection, improved cross-platform file sharing, mixed client network environments, and security. GuardianOS 7.5 is available for download.
• Tape business: In June, Overland Storage won Tape-Based Product of the Year at the 2014 Storage Awards for its NEO 8000e tape library, and was named runner-up for the Tandberg StorageLibrary T40+.
• SnapServer and BitTorrent Collaboration: Earlier this month, the company announced collaboration with BitTorrent, Inc. to embed BitTorrent Sync within Overland's SnapServer NAS product line. Available, this solution delivers an integrated, secure private cloud mobility solution, and synchronizes files between geographically-dispersed mobile devices, tablets, desktop clients and networked storage systems with no transfer limits or subscription fees.
• Virtualization business continues through the company's existing partnership with Sphere3D. Several customers are participating in the early adopter and pilot programs including organizations in key market segments such as:
  • Public Sector: Thousand+ Chromebook implementation based on Glassware 2.0
  • Healthcare: A network of hospitals are implementing a combined solution that includes SnapServer DX2, V3 appliances, and Glassware2.0
  • Cloud Deployment: A leading business productivity applications suite virtualized by the Glassware 2.0 and built on an Overland cloud infrastructure
• BDT Lawsuit Settlement: Overland has settled all claims in its patent infringement litigation filed against BDT Media Automation GmbH. As part of the settlement agreement, Overland has entered into a patent cross-license agreement with BDT Media Automation GmbH and an investment in Overland by BDT.
• Sphere3D Merger: Overland's definitive merger agreement with Sphere3D Corporation is progressing with a Form F-4 registration statement that was filed on July 23

Quantum Acquires Start-Up Symform - Tape Library Company to Expand Cloud Offering

Quantum Corp. has acquired Symform, Inc.'s cloud storage services platform, which is currently used by 45,000 individual users and small businesses in 170 countries.

Quantum is committed to maintaining the service for existing Symform customers and also plans to leverage the technology to expand Quantum's cloud software capabilities and service offerings in data protection and scale-out storage.

In addition, the company has hired Symform's development team, including CTO and co-founder Bassam Tabbara, to help build out these offerings.

Symform's extensible cloud service manages petabytes of storage and billions of data objects under management in a range of use cases. Its technology supports scalability and provides benefits such as self-healing and self-protection that enable simple, non-disruptive technology migration. In addition, Symform's technology is known for its simple deployment and ease of use.

Other benefits include:

• Flexible options for cloud storage - Symform's technology offers options for integrating customer data into the cloud, including file sync and share, file backup and archive and system replication, with the ability to move data to and from smartphones, tablets, laptops, workstations and servers (Windows, Linux and Apple platforms). Flexible, modular architecture also allows customers in geographies not serviced by traditional cloud providers to experience the benefits of cloud storage. In addition, the technology can be leveraged in other ways beyond its current uses, including creating private clouds, enabling other service providers and deploying higher-level cloud storage offerings.
  
• Internet access to files from any device, anywhere - Symform's technology provides easy access to files from any device, anywhere, without the need to retrieve data through a backup agent or central server. All data is automatically encrypted at the source, and, depending on the hardware configuration, the system can deliver differing levels of service, enabling high-latency cold storage and more active backup and archive.
  
• Web-based, centralized management of all components - As the foundation of a production cloud, the technology supports 100% web-based, centralized management of all cloud components. This makes it easy to set up and deploy cloud environments for use cases such as file sharing, backup and archive.