Intradyn in Turmoil

5:25 PM -- Archiving appliance startup Intradyn Inc. put out a short release today announcing a new CEO, with CTO Brent Bowlby replacing Gary Doan. (See Intradyn Names New CEO.) What didn't make the release was that the move was part of coup that removed founders Doan and CFO Dan Leach as the St. Paul, Minn.-based company searches for funding and a buyer.

A source close to the company said Doan and Leach were asked to resign, and the startup is looking to raise $1 million of financing from existing investors to stabilize the company.” Intradyn also hired an investment banker last August to seek a buyer, according to the source.

Doan sent Byte and Switch an email saying he was no longer with Intradyn. When asked for details, he responded, “There’s not much I can tell you at this time.”

Doan and Leach founded Intradyn in 2001, raising about $5 million from private investors. (See They Don't Need No Stinkin' VCs.) The startup began selling a RocketVault backup appliance in 2003, and its ComplianceVault product followed in 2004. (See Startup Boots Bigger Backup Boxes and Intradyn Expands ComplianceVault Family.) Bowlby had been president of Computer Data Strategies Inc. (CDS), a company Intradyn acquired in 2004. He has since served as Intradyn’s CTO. (See IntraDyn Buys CDS.)

No word yet on potential buyers or backers.— Dave Raffo, Senior Editor, Byte and Switch