Unified storage provider Nexsan Inc. is to become a private company once more through a deal with Spear Point Capital Management that will see it spun out from parent company Imation Corp.

Under the deal announced Tuesday, Imation Chief Executive Officer Bob Fernander and Chief Technology Officer Geoff Barrall will continue to run the Nexsan business and will obtain seats on the board.

The move to spin Nexsan off as a private company is intended to strengthen the company’s financial foundation. Imation had only owned the company since it acquired for $120 million in January 2013.

Spear Point’s money will be used to fund engineering roadmaps, including plans for all-flash versions of Nexsan’s flag Unity “Hyper-Unified Storage solution,” an expansion of its block storage lines, along with additional investments in sales, marketing and geographic expansion.

“This is a transformative move for Nexsan,” Nexsan Chief Executive Bob Fernander said in a statement sent to SiliconANGLE. “This will allow us to better serve our customers, enable our partners, and accelerate [the] growth of our business. We’ve seen better than expected early traction with Unity and, as a private organization, we look forward to being able to fulfill our vision at an accelerated rate; our vision of storage solutions that do more, cost less and provide greater value.”

Originally founded in 1999 and based in Campbell, Calif., the company is best known for its unified storage system, Unity, an enterprise-class unified storage solution that incorporates secure file sync and share in a single platform. In addition, the company offers Nexsan Assureon, a product that delivers secure archive storage for the most compliant of industries, and the Nexsan E-Series, high performance, reliable, high-density storage designed for data centers.

The deal with Spear Point is expected to close early 2017.

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