Ironkey sells storage business

data storage hardware business to Imation, for an undisclosed amount, reports Digital ID News.

The two companies formed a partnership to allow Imation's customers access to IronKey's cloud-based security services.

With this deal, IronKey will focus on its cloud-based security services business, which includes the IronKey Trusted Access Platform.

SC Magazine says customers will gain access to a growing set of capabilities to manage mobile devices, encryption, security policies, fraud prevention and virtualised applications.

Arthur Wong, CEO of IronKey, says: “IronKey will expand this security service platform to enable all enterprises to protect their assets, data and transactions.”

According to eWeek, Imation acquired secure storage products and technologies, such as the multi-function portable computing devices that protect stored data with strong hardware encryption.

IronKey combined the portable devices with the cloud-based IronKey Enterprise Management Service to provide data security. IronKey's banking product is used by financial institutions to secure online banking and reduce online fraud.