Adaptec to snap up Snap
Adaptec to snap up Snap
Adaptec has announced plans to acquire network-attached storage (NAS) vendor Snap Appliance, in a deal worth US$100 million ($91 million in cash and $9 million in assumed stock options).
Adaptec expects the transaction to generate more than US$40 million in new revenue over the next four quarters.
"Together, Adaptec and Snap Appliance have strong synergies that we plan to capitalise on to create [an entity] that can deliver solutions for businesses of almost any size and requirements, almost any existing infrastructure, anywhere in the network, all managed by a common software management platform and enhanced by value-added software applications for a variety of key business needs," said Robert Stephens, president and CEO of Adaptec.
Snap Appliance CEO, Eric Kelly, will continue to manage the business, reporting directly to Stephens. The transaction enables Adaptec to create a new division focused on the development and delivery of storage systems.
"This is an exciting transaction for both companies in that it rapidly expands the breadth of our storage product portfolio, builds on our leadership in key storage markets and enables us to leverage additional resources and economies-of-scale," said Kelly.
The transaction is expected to close by the end of this month.
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