Adaptec To Snap Up Snap Appliance

KingFishKingFish
edited July 2004 in Science & Tech
Computer component maker Adaptec has agreed to acquire data storage device company Snap Appliance, the companies said Tuesday.
Adaptec, which makes products including network interface cards and controllers for the Serial ATA disk drive interface, said the purchase price is expected to be about $100 million. The amount represents about $91 million of cash and $9 million of assumed stock options. Adaptec said it expects the transaction to generate more than $40 million in new revenue over the next four quarters. Adaptec has been expanding into standalone storage systems, selling them under its own brand and for use by companies that sell them under their own names. Adaptec acquired external storage system maker Eurologic in 2003.
Source: C|Net
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