Greenland Corporation today announced the acquisition of a minority interest in Zzyzx Peripherals, Inc. (pronounced "Zee-Zix"), a privately held data storage solutions company based in San Diego, California.
Zzyzx designs, manufactures and deploys network data storage systems, workstations and peripheral devices for large enterprise customers nationwide, including Conoco, Texas Instruments, Motorola, MIT and the Department of Defense. The company assembles a complete line of technologically advanced RAID data storage products under its own brand for stand-alone sale or in comprehensive Storage Area Networks (SANs) that Zzyzx builds for its customers.
"Check cashing is a data intensive business," said T.A. "Kip" Hyde, Jr., President and CEO of Greenland. "By acquiring part of a dynamic technology company dedicated to providing world-class data storage services, Greenland assures its ability to develop leading edge solutions for use internally and for its customers."
Hyde continued, "It is a common practice for emerging technology companies to establish mutual ownership interests that help to insure parallel business and financial objectives. Zzyzx represents Greenland's first significant financial investment in a major, long-term technology partner. Zzyzx is uniquely positioned to support Check Central customer installations of any size."
Hyde concluded, "This strategic relationship with Zzyzx provides yet another element towards creating a solid technology foundation for Greenland to become the premier automated solutions provider to the financial services industry and is a key step forward in our plan for pursuing the very large market opportunity currently available in the self-service check cashing industry."