Adaptec sells Snap Server NAS Business to Overland Storage
Overland purchased this business unit for a net consideration of $3.6 million. Adaptec to retain iSCSI hardware and software products and technology as part of their long-term strategy.
Adaptec Inc. (Nasdaq: ADPT), a global leader in storage solutions, today announced that it has sold its Snap Server NAS business, including the brand and all assets related to Snap Server networked and desktop storage appliances, to Overland Storage Inc. (Nasdaq: OVRL) for a net consideration of $3.6 million. Under the terms of the agreement, Adaptec will retain ownership of all iSCSI-based hardware and software products and assets, which will be rebranded and managed by Adaptec.
"The sale of the Snap Server business allows us to focus on strengthening our leadership position in the Unified Serial RAID controller business, leverage our iSCSI assets and continue to streamline the company's operations," said S. "Sundi" Sundaresh, president and chief executive officer, Adaptec Inc.
"With the acquisition of the Snap Server storage appliances, Overland is well positioned to extend our end-to-end data protection offerings while also meeting our customers' and partners' growing needs for best-of-class, distributed NAS appliances," said Vern LoForti, president and chief executive officer, Overland Storage. "The award-winning Snap Server family complements our existing robust portfolio of disk-, tape- and SAN-based products to reinforce Overland's strength as a global leader in the growing data protection market. At the same time we are thrilled at the creative talent pool that will be joining our existing team in strengthening a truly world class organization."
Overland Storage will take over control of all existing Snap Server networked and desktop storage appliance assets including licenses, patents, existing product inventory and fixed assets and assume customer support obligations. Approximately 50 Adaptec employees will receive offers to join Overland Storage effective June 30, 2008. These employees will remain in the same facility in Milpitas, California which Overland is subleasing from Adaptec.
Today, Adaptec offers a comprehensive family of products built upon its Unified Serial(TM) Architecture that allows VARs, OEMs and IT organizations to create flexible storage solutions with cost-effective, high-capacity Serial ATA (SATA) disk drives, or high-performance Serial Attached SCSI (SAS) drives, or both, in a single storage system. In addition, Adaptec will continue to focus on iSCSI market opportunities, and the development of new technologies for integrating high-value, competitive advantages into its RAID controller and HBA products lines. It is also working to expand its global sales channels and strategic partnerships within the data storage ecosystem to increase its visibility in strategic markets.
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Adaptec Inc. (Nasdaq: ADPT), a global leader in storage solutions, today announced that it has sold its Snap Server NAS business, including the brand and all assets related to Snap Server networked and desktop storage appliances, to Overland Storage Inc. (Nasdaq: OVRL) for a net consideration of $3.6 million. Under the terms of the agreement, Adaptec will retain ownership of all iSCSI-based hardware and software products and assets, which will be rebranded and managed by Adaptec.
"The sale of the Snap Server business allows us to focus on strengthening our leadership position in the Unified Serial RAID controller business, leverage our iSCSI assets and continue to streamline the company's operations," said S. "Sundi" Sundaresh, president and chief executive officer, Adaptec Inc.
"With the acquisition of the Snap Server storage appliances, Overland is well positioned to extend our end-to-end data protection offerings while also meeting our customers' and partners' growing needs for best-of-class, distributed NAS appliances," said Vern LoForti, president and chief executive officer, Overland Storage. "The award-winning Snap Server family complements our existing robust portfolio of disk-, tape- and SAN-based products to reinforce Overland's strength as a global leader in the growing data protection market. At the same time we are thrilled at the creative talent pool that will be joining our existing team in strengthening a truly world class organization."
Overland Storage will take over control of all existing Snap Server networked and desktop storage appliance assets including licenses, patents, existing product inventory and fixed assets and assume customer support obligations. Approximately 50 Adaptec employees will receive offers to join Overland Storage effective June 30, 2008. These employees will remain in the same facility in Milpitas, California which Overland is subleasing from Adaptec.
Today, Adaptec offers a comprehensive family of products built upon its Unified Serial(TM) Architecture that allows VARs, OEMs and IT organizations to create flexible storage solutions with cost-effective, high-capacity Serial ATA (SATA) disk drives, or high-performance Serial Attached SCSI (SAS) drives, or both, in a single storage system. In addition, Adaptec will continue to focus on iSCSI market opportunities, and the development of new technologies for integrating high-value, competitive advantages into its RAID controller and HBA products lines. It is also working to expand its global sales channels and strategic partnerships within the data storage ecosystem to increase its visibility in strategic markets.
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