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COPAN Systems Acquired by SGI

Longmont, Colorado-based COPAN Systems, a developer of data storage devices which used power-managed disk drives to replace backup tape, has been purchased by SGI. The deal was worth $2M in cash. SGI said that it will use the buy to expand its storage portfolio. SGI also said that it will continue to retain COPAN's offices in Longmont, and that it will hire "select" COPAN employees as part of the buy. COPAN was venture backed by Westbury Partners, Austin Ventures, Globespan Capital Partners, Firstmark Capital, and Credit Suisse. The sale represents a big loss for COPAN's investors, who had collectively put more than $100M in funding into the company.