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LSI Logic to acquire SAN storage provider

Posted: 27 Oct 2006 ?? ?Print Version ?Bookmark and Share

Keywords:LSI Logic? StoreAge Networking Technologies Ltd? SAN storage? acquisition?

LSI Logic Corp. announced it has signed a definitive agreement to acquire StoreAge Networking Technologies Ltd for approximately $50 million in cash. StoreAge is a privately held company based in Nesher, Israel with US offices in Irvine, California, which provides SAN storage management and multi-tiered, data protection software for the enterprise.

"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. "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."

Under terms of the agreement, LSI will acquire all outstanding StoreAge capital stock. Additionally, the company anticipates offering employment to all StoreAge employees, who are expected to join the its 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.

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