NetEx was spun off by Storage Technology Corp. (StorageTek) (NYSE: STK) in March 1999. Based in Maple Grove, Minn., NetEx has 23 employees, plus another half dozen contractors. Gust -- who bought out the technology from StorageTek when it decided it wasn't strategic to its business anymore -- says the company has no debt and has received no venture capital funding. He owns 40 percent of the business, with other NetEx employees holding the remaining 60 percent.
The company has 128 customers for its data replication products, including American Airlines, Bank of America, British Telecom, the Chicago Board of Education, Halifax Bank, Hertz, Nat West Bank, PNC Bank, Royal Bank Scotland, the Securities and Exchange Commission, the U.S. Internal Revenue Service, Union Pacific Rail Road, and United Airlines.
NetEx expects to start shipping HyperIPs, which are delivered on Linux PC-based appliances, before the end of the year. The product starts at a list price of $39,500 for a pair of 10-Mbit/s appliances; two of the DS3 models cost $65,000.
Todd Spangler, US Editor, Byte and Switch
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