LSI to acquire ONStor
LSI Corporation (NYSE: LSI) today announced that it has signed a definitive agreement to acquire ONStor, Inc. for approximately $25 million in cash inclusive of assumed debt and other net liabilities.
ONStor, Inc., a privately held company based in Campbell, Calif., provides clustered network-attached storage (NAS) solutions designed to help enterprises consolidate, protect and manage the accelerating growth of unstructured data. ONStorTM products include NAS gateways, NAS systems and unified storage systems sold to end users through a worldwide network of channel partners and original equipment manufacturers (OEMs).
“The rapid growth of unstructured data is creating significant challenges for enterprises in provisioning, protecting and managing their storage in an efficient and cost-effective manner,” said Abhi Talwalkar, LSI president and chief executive officer. “With the addition of ONStor products and technology, LSI will be well positioned to offer a comprehensive set of storage solutions to help enterprise customers effectively manage both their unstructured and structured data with ease.”
The transaction is expected to close within thirty days and is subject to satisfaction of customary closing conditions.
LSI expects the acquisition to be roughly neutral to non-GAAP* earnings per share in 2009. The company expects to provide further details on July 29 when it reports second quarter results.
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