LSI Logic to Purchase IntraServer Technology, Inc. in $70 Million Strategic Acquisition
PR Newswire - May 17, 2000 08:16
IntraServer's Products, Engineering Skills and Sales Channels Are Targeted For High-Growth Network Computing and Communications Customers
MILPITAS, Calif., May 17 /PRNewswire/ -- LSI Logic Corporation (NYSE: LSI) and IntraServer Technology, Inc. today announced an agreement in which LSI Logic will acquire IntraServer in a purchase agreement valued at approximately $70 million.
The strategic acquisition is expected to be immediately accretive to LSI Logic and provide significant benefits to IntraServer's rapidly expanding customer base. The agreement is expected to close during the course of LSI Logic's second quarter ending June 30.
"LSI Logic has been very active in seeking and completing strategic acquisitions that enhance the company's intellectual property offerings and engineering skill sets to better serve customers competing in rapidly growing markets," said John D'Errico, LSI Logic executive vice president of Storage I/O Components and Colorado Operations. "Upon completion of this agreement, IntraServer's strengths will be utilized by LSI Logic for host adapter board and other product offerings in the network computing and communications markets."
"We are extremely pleased to be joining a world-class organization such as LSI Logic," said Robert Anderson, IntraServer president and chief executive officer. "Our employees are excited about the many new opportunities we will have to deliver leadership host bus adapters and other new technologies to our customer base."
IntraServer is a privately held company founded in 1996 to serve the high-performance, multi-function host adapter board market. IntraServer's customers include, Compaq, Sun Microsystems, EMC, value added resellers and independent system integrators.
"We are gratified to have IntraServer join the LSI Logic team," said Bill Wuertz, LSI Logic vice president of the Storage Standard Products Division. "This synergistic transaction will combine LSI Logic's high-volume, single and dual function SCSI and Fibre Channel host adapter board solutions with IntraServer's high-performance, multi-function (SCSI, Fibre Channel, and Ethernet) host adapter board business. Our customers will benefit from a richer array of product solutions from a single vendor. With IntraServer, LSI Logic will have the capability to offer additional new host bus adapter products as well as world-class system engineering and interoperability testing."
NOTE: The stated expectation to close this transaction within the second fiscal quarter, as described in this news release, is a forward-looking statement which reflects current intentions and expectations. Actual events could vary based on a variety of factors, including the risk of other unforeseen delays, or unanticipated near-term developments, which could affect material terms of the agreement. IntraServer Technology, Inc. and LSI Logic Corporation undertake no obligation to publicly release the results of these forward-looking statements due to the occurrence of unanticipated events or circumstances that may occur after today.
LSI Logic Corporation is a leading supplier of communications chips for broadband, data networking, wireless and set-top box applications. In addition, the company provides chips and boards for network computing and supplies storage network solutions for the enterprise. LSI Logic is headquartered at 1551 McCarthy Blvd., Milpitas, CA 95035, www.lsilogic.com.
Founded in 1996, IntraServer Technology, Inc. is a fast growing venture capital backed company that develops and markets high performance PCI and CompactPCI(R) I/O peripherals for Alpha, Intel, and SPARC based systems that are ClusterReady. The company's wide range of single and multi-function products offer unique functionality and support for these platforms. IntraServer Technology is headquartered at Seven October Hill Road, Holliston, MA 01746, www.intraserver.com.
SOURCE LSI Logic Corporation
/CONTACT: Kevin Brett of LSI Logic Corporation, 408-433-7150, or
kbrett@lsil.com; or Peter Kent of IntraServer Technology, Inc., 508-429-0425,
ext. 222, or kent@intraserver.com/
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 516675/
/Web site: intraserver.com
/Web site: lsilogic.com
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Not up at all on Intraserver.
Jack |
