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.
Safe Harbor for Forward Looking Statements: This news release contains forward-looking statements, which include the following: the expected closing date for the transaction, the continued market acceptance of the StoreAge product portfolio, the anticipated benefits of the transaction, the continued growth in the data storage market and the expected future product offerings of LSI. These forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: risks that the closing of the transaction may not occur or may be delayed; risks that LSI may not realize the anticipated benefits of the transaction; risks that the StoreAge product portfolio may not achieve the anticipated market acceptance; risks that the data storage market may not continue to grow; risks that LSI may not be able to integrate the businesses or operations of StoreAge successfully; and risks that LSI may not be able to retain the employees, customers or distribution partners of StoreAge. For additional information, readers are referred to the documents filed by LSI Logic with the SEC, and specifically the risk factors set forth in the company's most recent reports on Form 10-K, 10-Q and 8-K. LSI Logic is not obligated to update these forward-looking statements to reflect events or circumstances after the date of this document.
About LSI Logic
LSI Logic Corporation is a leading provider of silicon-to-systems solutions that are used at the core of products that create, store and consume digital information. LSI offers a broad portfolio of capabilities including custom and standard product ICs, host bus and RAID adapters, storage area network solutions and software applications. LSI products enable leading technology companies in the Storage and Consumer markets to deliver some of the most advanced and well-known electronic systems in the market today. More information is available at www.lsi.com .
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