Adaptec forks out $100m for Snap Appliance
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Posted in Financial News, 14th July 2004 11:15 GMT
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Adaptec is to buy Snap Appliance, a network attached storage specialist, for approximately $100m in cash and stock options. Adaptec says the acquisition expands its storage product portfolio.
Both companies say that the merging of the two organisations will be an additive process, after all, Snap Appliance is not a direct competitor: it has traditionally focused on the channel and systems business, and has a big presence in vertical sectors. Adaptec, by contrast, sells mainly to OEMs.
The acquisition price includes future cash and stock compensation, and is composed of roughly $91m in cash and $9m in assumed stock options. The deal is expected to close by the end of July and Adaptec expects the deal to generate up to $40m in new revenue over the next financial year.
Last month, Adaptec went shopping at IBM for RAID products and intellectual property, strengthening its OEM sales offering. ®
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