Tuesday, August 23, 2005

MTI Raises $20M in Private Placement

Tustin-based storage services company MTI Technology said yesterday that it has raised $20M in a private placement equity financing led by Advent International. MTI said that it would use proceed from the offering to support its operations, growth, and general corporate purchases. MTI will issue $20M in Series B Convertible Preferred Stock with the offering. MTI sells and supports storage hardware, and acts as a reseller of storage gear from a number of manufacturers. The company was previously a developer of storage array hardware.