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StorageNetworks CEO Joins Xdrive's Board

Xdrive Technologies Inc. today (Jan 3) announced that Peter W. Bell, co-founder, chairman and CEO of storage services provider StorageNetworks Inc. (NASDAQ:STOR), has joined Xdrive Technologies' board of directors.

Bell's appointment comes on the heels of StorageNetworks' recent investment in Xdrive Technologies' Series D round of financing.

This new appointment signifies a further strengthening of the relationship between the two companies. Both closely collaborate on marketing and sales as well as operations, where StorageNetworks provides a storage management solution to Xdrive's intelligent software infrastructure, which enables anywhere, any-device file storage, access and collaboration.

"Our companies have a great fit. Together, we are committed to transforming the Internet into the information infrastructure of the future," Bell said. "I am pleased to be serving on the board, and hope to make a significant contribution to the business growth of Xdrive Technologies and, in so doing, help further enable this new Information Age."

Bell brings a wealth of storage industry experience to Xdrive's board of directors. A 12-year industry veteran, Bell co-founded StorageNetworks in August 1998, and steers its strategic direction. He led that company through its recent IPO, and into becoming one of the most important companies in the storage industry.

Prior to co-founding StorageNetworks in August of 1998, Bell served in key management positions for EMC Corp. for more than 10 years. His responsibilities ranged from marketing and sales to operations. While there, Bell was directly responsible for opening up businesses and markets for EMC Corp. and establishing it as a leading supplier of enterprise storage.

"We are fortunate to have an executive of Peter's caliber joining our board," said Paul Gigg, Xdrive president and CEO. "His experience and expertise in this arena will be invaluable to us as we continue to grow our business and expand into new markets domestically and globally."

Bell is a summa cum laude graduate of Boston College and holds an MBA from the Harvard Business School. He joins other Xdrive board members: CEO Paul Gigg; Xdrive founder Brett O'Brien; Geocities' founder David Bohnett; Akamai's co-founder Randall Kaplan; eCompanies-Evercore Venture Management's managing partner Tim Spicer; and Wit SoundView's Senior Vice President Ned Carlson.

Other financial investors include Goldman Sachs Group, Wit SoundView Ventures, Deutsche Banc Alex. Brown, Centre Partners, eCompanies-Evercore Venture Management (E2VM), Pacific Capital Group, David Bohnett's Baroda Ventures, Randall Kaplan's JUMP Investors, Davis Companies, Amos Hostetter's Pilot House Associates and J. & W. Seligman & Co. Inc.



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