Wednesday, August 3, 2005

America Online Acquires Xdrive for Online Storage

America Online has acquired Xdrive, a privately-held provider of online storage and backup services. Financial terms were not disclosed. Xdrive manages an online, centralized storage platform that gives subscribers access to, and protection of, all their digital files.

Xdrive, founded in 1999 and headquartered in Santa Monica, California, will operate as a stand alone, wholly-owned subsidiary of AOL under the Digital Services business unit and continue to be based in southern California. The company has 34 employees.

The Xdrive unit, the Xdrive management team, and its talented, highly-skilled 34 employees will report to Gio Hunt, Senior Vice President of New Business Ventures, AOL Digital Services.