LSI Logic to Acquire StoreAge Networking Technologies for $50M
StoreAge Networking Technologies, a privately held company based in Nesher, Israel, with U.S. offices in Irvine, Calif., provides SAN storage management and multi-tiered, data protection software for the enterprise.
LSI Logic, based in Milpitas, Calif., said that the acquisition would enable it to offer richer products and features for its users. LSI said that it will offer employment to all of StoreAges employees, who will join the firms Engenio Storage Group.
Under terms of the agreement, LSI will acquire all outstanding StoreAge capital stock.
Additionally, LSI anticipates offering employment to all StoreAge employees, who are expected to join the companys Engenio Storage Group upon closing.
The transaction is expected to close in the fourth quarter of 2006 and is subject to satisfaction of customary closing conditions.
"With the rapid growth in data storage capacity, enterprise customers are seeking enhanced levels of data protection, highly effective storage management tools and reduced cost of ownership," said Phil Bullinger, senior vice president and general manager, Engenio Storage Group, LSI Logic.
"Through the acquisition of StoreAge, we anticipate offering our OEM and channel customers a richer set of products and features that fully address these important end user requirements."
LSI Logic shares were trading for $9.74 on Oct. 26.
LSI Logic also released its third-quarter 2006 financials on Oct. 25. Here is a summary:
Fourth Quarter 2006 Business Outlook:
LSI Logic is a provider of silicon-to-systems software and hardware that are used at the core of products that create, store and consume digital information. LSI offers a portfolio of capabilities, including custom and standard product ICs, host bus and RAID adapters, storage area network solutions and software applications.
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