SMART Modular Technologies Completes Acquisition of Adtron
For around $35 million
This is a Press Release edited by StorageNewsletter.com on March 10, 2008 at 3:09 pmSMART Modular Technologies
has closed its acquisition of privately-held Adtron Corporation, a designer and global supplier of high performance
and high capacity solid state flash disk drives. The definitive
agreement between SMART and Adtron was announced on February 13, 2008.
“Combining our strengths
with Adtron, with its technical expertise, product portfolio, and
customer base, immediately expands our non-DRAM business and
complements our existing SSD business. Together, we offer the SSD
market, especially the Enterprise Storage SSD market, a broader range
of high performing, rugged, and reliable storage solutions,” said Iain
MacKenzie, President and Chief Executive Officer of SMART.
In connection with the
acquisition, Alan Fitzgerald, founder of Adtron, joins SMART as Vice
President and Chief Technical Officer, Flash Products, and Robert
Benkendorf joins SMART as Vice President and General Manager, SSD
Products.
The acquisition was an
all-cash transaction of approximately $20 million with up to an
additional $15 million should certain calendar year 2008 financial and
operational performance goals be achieved.
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