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    Home Latest News
    • Storage

    LSI Logic to Acquire StoreAge Networking Technologies for $50M

    By
    Chris Preimesberger
    -
    October 26, 2006
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      Data storage chip and software maker LSI Logic announced late on Oct. 25 that it has acquired Israeli firm StoreAge Networking Technologies, in a cash deal worth about $50 million.

      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.”

      /zimages/4/28571.gifClick here to read more about LSI Logics push in the midmarket.

      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:

      • Revenue of $493 million
      • GAAP (Generally Accepted Accounting Principles) net income of 11 cents per diluted share
      • Non-GAAP net income of 16 cents per diluted share
      • Cash and short-term investments of $1.3 billion

      Fourth Quarter 2006 Business Outlook:

      • Projected revenue of $500 million to $525 million
      • GAAP net income range of 10 – 13 cents per diluted share
      • Non-GAAP net income in the range of 15 – 18 cents per diluted share

      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.

      /zimages/4/28571.gifCheck out eWEEK.coms for the latest news, reviews and analysis on enterprise and small business storage hardware and software.

      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor Emeritus of eWEEK. In his 16 years and more than 5,000 articles at eWEEK, he distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.
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