LSI Corp to Acquire SandForce for $322M
October 27, 2011 12:00 PM
SandForce makes SSD controllers and more
Today LSI corporation has announced that it has signed an agreement that will see it acquire one of the most commonly used SSD controller companies in the world - SandForce Inc. SandForce controllers are found inside some of the fastest SSDs on the market and the company is always innovating and bringing faster controllers to the market.
“Flash-based solutions are critical for accelerating application performance in servers, storage and client devices,” said Abhi Talwalkar, LSI president and chief executive officer. “Adding SandForce’s technology to LSI’s broad storage portfolio is consistent with our mission to accelerate storage and networking. The acquisition represents a significant, rapidly growing market opportunity for LSI over the next several years.”
LSI has agreed to pay about $322 million in cash and will assume about $48 million in unvested stock options and restricted shares held by SandForce employees. The transaction is expected to close in Q1 2012 and is subject to customary closing conditions. LSI also notes that it expects the purchase to be neutral to non-GAAP earnings in 2012.
SandForce rival Indilinx was
purchased by OCZ Technology
earlier this year.
Michael Raam, SandForce president and CEO, said, “The combination of SandForce and LSI allows us to deliver differentiated solutions in the PCIe flash adapter segment by tightly integrating flash memory and management. In addition, leveraging our flash storage processors with LSI’s comprehensive IP portfolio and leading-edge silicon design platforms will lead to innovative solutions.”
"We’re Apple. We don’t wear suits. We don’t even own suits." -- Apple CEO Steve Jobs
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