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Adaptec Snaps Up Snap
Adaptec Inc. said Tuesday it plans to acquire NAS vendor Snap Appliance Inc. in a cash and stock deal valued at about $100 million.
Snap claims leadership in the network attached storage market, according to 2003 figures from Gartner.
This transaction demonstrates Adaptec's expansion in the external storage market, the company said in a statement. And the company's been busy with other acquisitions in the last year, most recently last month when it bought the RAID assets of IBM.
Last summer it acquired Eurologic, a vendor of storage area network and direct attached storage equipment.
Snap CEO Eric Kelly will continue managing the business, and will report to Robert N. Stephens, president and CEO of Adaptec.
Snap brings to Adaptec the ability to manage both block and file data with its GuardianOS software platform, and has shipped more than 150,000 of its Snap Servers worldwide, with installations at 60 percent of the Fortune 500, according to a vendor statement.
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