Earlier this week, Plasmon updated its website to let its current clients know that they are scaling back operations. The exact text of Plasmon’s announcement is below but my sources tell me that a major investor pulled out of Plasmon at the last minute leaving them with minimal capital to run operations. At this point, everyone at Plasmon is looking for work, Plasmon is looking for a buyer and Plasmon customers are trying to figure out what to do with UDO media that has a 50 year shelf life but a support life that is seriously in doubt.
The following information also appears on Plasmon’s web site:
On October 23, Plasmon Holdings Inc concluded a private equity buyout of Plasmon LMS Inc and other key assets from Plasmon Plc in administration in the UK. This transaction was intended to secure the company’s ability to execute on its strategic plan and to extend its leadership in the archival storage solutions space.
Subsequent to that acquisition, the funding for the operational plan has not been finalized by the new company’s shareholders.
This has forced the company to restructure to a minimal staffing level. These counterparty consequences were entirely unanticipated.
Plasmon continues to operate with a reduced staff to sell and support its archival solutions, Archive Appliance, UDO media, and standalone devices with all customers and partners worldwide.
Plasmon customers worldwide continue to be covered by their current maintenance and warranty agreements.
Plasmon, with the support of its senior secured creditor, is exploring strategic options to forge a path forward. We are working with strategic partners and potential investors to identify ways for the company to continue to exploit its unmatched technology and support and service capabilities.