Sphere 3D to combine with PE-backed Overland Storage

Sphere 3D Corp (TSXV: ANY), a portfolio company of Pinetree Capital, recently agreed to merge with Overland Storage Inc (Nasdaq: OVRL). Upon completion of the securities exchange deal, which will see a total consideration payable to Overland shareholders of around US$81.1 million, the combined company will become a subsidiary of Sphere 3D. Based in San Diego, California, Overland is a unified data management and data protection solutions provider. It is currently backed by U.S. private equity firm Cyrus Capital Partners. The Mississauga, Ontario-based Sphere 3D is a virtualization technology provider.

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