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RealTime IT News

StorageNetworks Up On Ford Deal

StorageNetworks , a Waltham, Mass., company that handles data storage as an outsourced service for businesses, has won a contract with Ford Motor Co. .

Ford will convert its existing data storage system to a "storage area network" environment, meaning StorageNetworks will house the data on its servers, which will be linked to Ford corporate computer networks via the Internet.

Financial details of the contract were not provided.

StorageNetworks CEO Peter Bell said his company can cut data storage budgets by 25 percent to 30 percent, even for well run IT departments.

John McArthur, vice president of storage research for IDC, said, "Companies like StorageNetworks are providing a balanced combination of services and software to enable companies such as Ford to manage their environments more efficiently, while improving use of assets and ultimately reducing costs."

In midday trading Thursday STOR, which over the past year has traded between 8.50 and 154.25, was up 0.66, or 5 percent, at 13.64.