NovaStor Acquired By Management Team

The management team of Simi Valley-based NovaStor, a provider of data backup and restore software and related services, announced Thursday afternoon that it, along with a group of investors, has assumed majority ownership of NovaStor and all of its associated companies from Novavisions AG. According to the management team, it will share majority ownership of NovaStor with the unnamed investor group, with Novavisions remaining a minority shareholder. Financial terms of the acquisition were not disclosed. The firm will run by CEO Stefan Utzinger and Managing Director Mike Andrews.