TTI Completes Tecmar Acquisition, IPO
TTI Holdings, the parent company of Transitional Technology (TTI, Anaheim, CA), has completed its IPO and the acquisition of Tecmar Technologies (Longmont, CO). The IPO, which generated $16.77 million, will be used to fund the acquisition and other company operations, as Tecmar prepares to ramp up production of a new line of Travan NS tape drives and tape storage solutions. "The sales force and purchasing power of the combined company gives TTI the critical mass required to remain a top-tier vendor in the network storage market," said Tecmar president and CEO Ernest Wassmann, who expects new product development at TTI to drive growth and open new sales channels. With the IPO, Wassmann will assume all duties as president and CEO and a director of TTI. TTI president Mike Spencer has been appointed as GM of European Operations. A search for a CFO is currently underway. Wassmann concedes that not long ago Tecmar was on the financial rocks. "There has been a concern about the financial stability of the company, as Tecmar has rebuilt itself since the acquisition of Rexon out of bankruptcy in March of 1996," he said. But with a strong balance sheet, sufficient working capital and no debt, "the company feels it has addressed this concern."