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Industry: Email Alert RSS FeedSnap sale for Adaptec
Telecomworldwire, June 30, 2008
TELECOMWORLDWIRE-30 June 2008-Snap sale for Adaptec(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Adaptec Inc (Nasdaq:ADPT), a hardware manufacturer specialising in storage solutions, announced on 30 June that it had sold its Snap Server NAS business to Overland Storage Inc (Nasdaq:OVRL) for a net price of USD3.6m.
The brand name and all assets of the business related to Snap Server networked and desktop storage appliances will go to Overland, but Adaptec will retain ownership of all iSCSI-based hardware and software products and assets. These iSCSI products will be rebranded and managed by Adaptec.
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A spokesperson for Adaptec said that the sale will allow the firm to concentrate on developing its RAID controller business, while an Overland spokesperson said that the acquisition will position Overland to deliver distributed NAS appliances with end-to-end protection to its customers.
Overland will sublease facilities from Adaptec in Milpitas, California, where around 50 Adaptec employees will receive offers to join Overland from 30 June.
((Comments on this story may be sent to tww.feedback@m2.com))
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