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Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Joe Wagner who wrote (1974)	5/16/2000 9:09:00 AM
From: D. K. G.	Read Replies (1) \| Respond to of 4808

Tricord insights startribune.com More details of the evolving-but-secretive Tricord Systems story should come to light Thursday at the annual meeting of the Plymouth company. Once again, this is a surging-demand story based on the Internet. Tricord has restocked its management ranks and raised a ton of private capital during the past 16 months. The company is developing what one analyst calls a "revolutionary product" that functions essentially as an operating system for the rapidly growing storage area networks (SAN) and network attached storage (NAS) markets. The products are designed to enhance the transparent sharing of data on network-attached storage devices in a centralizing, simple way that also costs less. "Tricord is believed to be the only company known to be developing this technology," Mark Bystrom, an analyst with R.J. Steichen, said recently. He estimated the market to be worth $2 billion annually by 2003. Tricord has focused largely on product development, and has not done much courting of analysts or the financial press. The story started to get interesting, and the stock started to rev up a bit in December 1998. Rod Canion, a co-founder of Compaq Computer, was the lead investor in a $3 million round of private financing. In May, Canion -- who owns 18.6 percent of Tricord's stock -- signed on as co-CEO to work alongside CEO John Mitcham. In addition, several other Compaq-related investors and employees came on board. In March, Tricord promoted Joan Wrabetz, former vice president and general manager at Storage Technology Corp. to president and chief operating officer and has beefed up its marketing and sales areas. Last month, the company announced it had raised $26 million through a private placement of 3.25 million shares, or about $8 per share. The financing, managed by Wit SoundView, including institutional investors Oppenheimer Funds and the Abernathy Group. "Tricord is now poised to bring to market storage-based products that enable an unprecedented level of scalability to meet the demands of Internet and e-commerce companies," Canion said at the time. Tricord sounds close to bringing to market a line of products commonly referred to as server appliances. Robert Gray, research director of systems for International Data Corp., said in April: "Tricord's approach has the potential to revolutionize the economics of storage by allowing customers to easily scale storage without downtime and with significantly reduced management costs." Canion, Mitcham and other directors and executives of the company own about 30 percent of the outstanding stock, including options and warrants. The stock, now trading around $11, has ranged as low as $2.25 per share within the past year. ============ You're welcome Joe. This is a very informative thread and I'm happy to contribute. Anyone have any thoughts on this company. What is it Tricord would have over the two storage gorillas EMC and NTAP? dkg