Nexsan Corp., a data storage company in Thousand Oaks, has been acquired by Minnesota firm Imation Corp., in a deal valued at $120 million, the company said in a statement Wednesday.

Nexsan, a privately-held company that installs and maintains data storage equipment, generated $82 million in revenues last year with its data storage systems. Imation, a publically traded company headquartered in Oakdale, Minn., sells data storage and security products.

“Imation provides us the scale and global footprint to expand our business, while still keeping intact our award winning partner program, our strong management team and employees, and our innovative products and roadmap,” said Philip Black, chief executive of Nexsan, in a prepared statement.

The transaction included approximately $105 million in cash and more than 3 million shares of Imation. The approximately 200 employees of Nexsan will remain with the company, which will continue to operate out of its Thousand Oaks offices.

Shares of Imation were down 14 cents, or 3 percent, to $4.53 in midday training on the New York Stock Exchange