Steelbox assets acquired; execs come, too
As predicted widely, Steelbox's intellectual property and people retained quite a bit of value, even if the company couldn't make a go of its business model. Today, Adtech Global Solutions announced they'd purchased what remained of Steelbox. It looks like Adtech is an OEM that wraps hardware around your software. It looks like Verint was one of the company's first customers. There's an Atlanta connection, too. Just what Adtech plans to do with Steelbox is unclear. From the release: ATLANTA, Jan. 22 /PRNewswire/ -- Adtech Global Solutions (AGS) announced today the acquisition of the IP assets of Steelbox Networks, Inc. (Steelbox) under an Article 9 UCC Foreclosure sale. Additionally, Key Steelbox personnel, including founders and inventors of the technology, Jim Jordan and Bill LeBlanc, joined the company. The acquisition provides AGS with industry-leading technology poised to address the needs of one of the fastest growing vertical markets. Current and future Steelbox customers will benefit from partnering with a company that has a solid 10-year record of posting strong returns, a mature and stringent ISO- 9001:2000 Quality Management System, global footprint, and a host of service and product offerings. The combined entity will now be able to offer comprehensive, industry-leading, end-to-end solutions. Notice that security has not been mentioned yet. Or video surveillance. Just what is this "fastest growing vertical market"? "Steelbox will contribute to AGS' growth strategy for 2009 and beyond, while adding industry-leading Intellectual Property to our portfolio," Tim Shadburn, Chief Executive Officer, said. "The community's reaction to Steelbox's exit from the market was simply overwhelming. We felt we were uniquely positioned to bring it back, allowing it to realize its potential." At this point, it's just kind of weird. Which market? Which industry is being led? Nik Moissiadis, Vice President of Business Integration and one of AGS' founding members, will lead Steelbox. "I have personally worked with Steelbox and its founders since 2005. In that timeframe, we partnered in the design, deployment and support of their products worldwide. Through this relationship, we have come to clearly recognize the importance of this leading-edge technology in the marketplace, while understanding first-hand the challenges associated with the unique and demanding applications for which it is intended. With over 50,000 systems deployed and hundreds of installations in Fortune 500, mission-critical infrastructure environments, we know what it takes to execute," said Moissiadis. So maybe AGS created the boxes that Steelbox's secret sauce was wrapped in? There's no mention of it on their web site. This is what they have for "surveillance." "This is an exciting time. Under the AGS umbrella, Steelbox's unique infrastructure approach to the management of digital video and audio, is ideally aligned to thrive in the marketplace. Combining our technology with AGS' broad service portfolio provides the perfect platform from which to continue the development and delivery of best-of-breed video storage, transport and retrieval solutions, with an unparalleled focus on customer and partner needs," commented LeBlanc. First mention of digital video and audio, but still no security or surveillance mentions. It seems like this is a move to use Steelbox's technology to approach other video-heavy markets, as was a goal of former CEO Brian Cohen before the company hit foreclosure. He just couldn't get it turned in that direction in time. I'll work on some reporting to see if this is the last we'll see of Steelbox in security.