AOL Buys Storage Firm Xdrive

AOL on Thursday announced that it had acquired Xdrive, a privately held online storage and backup service for an undisclosed amount. Xdrive will operate as a stand-alone company and remain in its Santa Monica, California headquarters. Now a wholly owned subsidiary, it will fall under AOL's Digital Services unit.

"The digitization of consumer home media is skyrocketing, with consumers and AOL members increasingly looking for easier ways to protect and manage a wide variety of important data files and digital media assets," Hunt said. "Xdrive will further enhance AOL’s consumer storage offerings to deliver a more safe and secure digital lifestyle for our members."