History
In 1969 four former IBM engineers: Jesse Awieda, Juan Rodriguez, Thomas S. Kavanagh, and Zoltan Herger, founded the Storage Technology Corporation, which officially became known as StorageTek in 1983. In the 1970s, StorageTek launched its Disk Products division. After a failed attempt to develop an IBM compatible mainframe, and an optical disk product line, the company filed for Chapter 11 bankruptcy protection in 1984. New management invested in an automated tape library system that 'picked' tapes with a robot arm and stored them in a silo-like contraption in 1987.
StorageTek has acquired Documation (1980), Aspen Peripherals Corporation (1989), Network Systems Corporation (1995), and Storability (2005). On June 2, 2005, Sun Microsystems, Inc. announced it would purchase Storage Technology Corporation ("StorageTek") for US$4.1 billion in cash, or $37.00 per share. On August 31, 2005, the acquisition was completed.
On January 27, 2010, Sun Microsystems, Inc. was acquired by Oracle Corporation for US$7.4 billion, based on an agreement signed on April 20, 2009.
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