LSI Logic Corporation announced it has signed a definitive agreement to acquire StoreAge Networking Technologies Ltd. for approximately $50 million in cash.
StoreAge Networking Technologies, a privately held company based in Nesher, Israel with US offices in Irvine, California, provides SAN storage management and multi-tiered, data protection software for the enterprise.
“We are excited to add the significant capabilities of the StoreAge product portfolio to our industry-leading storage silicon, systems and software building block offerings,” said Abhi Talwalkar, LSI Logic president and chief executive officer. “We look forward to welcoming StoreAge employees and continuing to serve the needs of StoreAge channel partners and OEM customers.”
“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.”
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 company’s 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.