[1] New products include data retention systems, which it calls "information lifecycle management" (ILM).

Its remaining product line is now part of Oracle Corporation, and marketed as Oracle StorageTek, with a focus on tape backup equipment and software to manage storage systems.

In 1969 four former IBM engineers—Jesse Aweida, Juan Rodriguez, Thomas S. Kavanagh, and Zoltan Herger—founded the Storage Technology Corporation.

After a failed attempt to develop an IBM-compatible mainframe, and an optical disk product line, the company filed for Chapter 11 bankruptcy protection in 1984.

In June 2005, Sun Microsystems, Inc. announced it would purchase StorageTek for US$4.1 billion in cash, or $37.00 per share.