Snap withdraws IPO, forges into SAN space

Snap withdraws IPO, forges into SAN space

A decimated stock market has forced network attached storage device vendor Snap Appliances to withdraw its initial public offer (IPO) and reposition under the umbrella of parent company, Quantum.

The storage manufacturer's proposal to list was submitted to the NASDAQ nine months ago and was expected to be complete by July. However, the depressed state of technology stocks in particular has put the listing on hold.

Undaunted by the setback, Snap is continuing its advance into the SAN (storage area network) and NAS (network attached storage) market sectors. The manufacturer plans to launch a NAS box this September boasting terabyte capacity and plug-and-play installation.

Visiting Australia last week, chairman and CEO of Snap Appliances James Schraith said the simplicity and low cost of the new range will significantly boost the ability of Snap's resellers to provide storage solutions.

"We've built more of the high reliability functions into the low end product line such as hot swappable drives, dual power supply and extra cooling fans. Anyone who can sell and install an NT server can install one of these," said Schraith.

He adds that the replacement of low-end SAN solutions by NAS bodes well for the IT channel. The complexity and maintenance of SAN means it is typically sold through a direct model, whereas NAS is driven more so through dealers.

"In Australia there are currently about 10 VARs (value-added resellers) capable of selling the high-end [SAN] products, whereas there are 200-300 already capable of selling this new product," said CY Wong, business development manager for Snap Appliances Asia Pacific.

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