08-05-2005, 10:21 AM
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Chief ADFP
Join Date: Jun 2002
Location: San Jose Calif 95111
Posts: 21,143
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AOL buys out Xdrive
Quote:
America Online buys Xdrive
World's largest online company purchases the online storage and backup firm for an undisclosed sum.
August 5, 2005: 7:50 AM EDT
NEW YORK (Reuters) - America Online, the world's largest online company, said Thursday it has purchased online storage and backup company Xdrive for an undisclosed sum.
The purchase is the first for the online division of media conglomerate Time Warner Inc. (Research) in 2005 as it prepares for the official debut of its free Internet site, AOL.com.
AOL's success in that venture, measured by growth in online advertising, will have a strong impact not just on AOL but on its corporate parent's financial standing on Wall Street, analysts have said.
Time Warner has recently loosened the purse strings to allow Dulles, Va.-based AOL to make strategic purchases, one source said.
The six-year-old Santa Monica, Calif.-based Xdrive lets users store and back up computer files, music, pictures and videos on their computer servers, accessible to any Internet-connected computer.
Online storage capabilities are expected to be integrated into AOL's services.
Xdrive's 34 employees will now report to Gio Hunt, senior vice president of AOL digital services.
"There's really only so much desktop space for people to use to store their personal digital assets," a company spokesman said, explaining the need for online storage.
Time Warner is also the parent company of CNN/Money.
Source: http://money.cnn.com/2005/08/05/tech...reut/index.htm
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Its sad that the people who been using Xdrive will no longer have any right to their account, they would have to have a AOL account to use this service Xdrive.
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