To: Clappy who wrote (22302 ) 6/13/2000 8:06:00 PM From: Sully- Read Replies (1) | Respond to of 35685
Tuesday June 13, 4:15 pm Eastern Time Company Press Release Network Appliance, Inc. to Acquire Orca Systems SUNNYVALE, Calif. and WALTHAM, Mass.,--(BUSINESS WIRE)--June 13, 2000--Network Appliance, Inc. (Nasdaq:NTAP - news), the leading provider of network-attached data access and content management solutions, today announced a definitive agreement to acquire privately-held Orca Systems, Inc., of Waltham, MA, a developer of high performance Virtual Interface (VI) Architecture software for UNIX© and Windows NT© enterprise-class systems. Under terms of the agreement, Network Appliance will acquire Orca for approximately $49 million in common stock, assumed options and cash, with an obligation to provide approximately 280,000 shares of common stock (valued at approximately $22 million based on Network Appliance's closing stock price on June 12, 2000), if certain performance criteria are achieved. The acquisition will be accounted for using purchase accounting and is expected to close during the current fiscal quarter. In connection with the acquisition, Network Appliance expects a one-time charge of not less than $0.03 per diluted share for purchased in-process research and development to be recorded in the quarter ended July 28, 2000. ``Network Appliance is focused on delivering network storage solutions that simplify and speed data access and data management. Orca strengthens our ability to develop next generation storage networking architectures and protocols,'' said Dan Warmenhoven, CEO of Network Appliance. ``Orca fits with Network Appliance's strategy of developing highly available and reliable intelligent storage solutions that improve the performance of today's Internet and enterprise applications.'' The acquisition of Orca will establish Network Appliance's corporate presence in Massachusetts, creating the company's first development facility in New England. ``Orca's VI technology was created by our team of leading engineers that understand VI architecture for high performance clustering and storage access. We look forward to joining forces with Network Appliance on the development of future VI storage technology and new open protocols,'' said Alan Langerman, co-founder and president at Orca. ``We expect the combination of Network Appliance and Orca technology to immediately impact development of new storage technology for Network Appliance customers and our strategic partners in the industry. The foundation of high performance communications and storage access over VI will accelerate the convergence of today's storage networking technologies,'' said Dave Ford, Orca co-founder and CEO.`` About Network Appliance Network Appliance, a veteran in network file serving and caching, has been providing data access solutions since 1992. Major corporations and ISPs, including Bear Stearns, Yahoo, Siemens, Lockheed-Martin, Cisco, Motorola and Texas Instruments have deployed NetApp© solutions. Network Appliance's file servers (called ``filers'') and Internet caching solutions (NetCache(TM)) deliver fast, simple, reliable and cost-effective access to network-stored data and enable simultaneous shared file services for UNIX, Windows© and the World Wide Web. The company pioneered the concept of the ``network appliance,'' an extension of the industry trend toward dedicated, specialized products that perform a single function. Network Appliance filers and NetCache appliances are based on the company's patented data access solutions, including Data ONTAP(tm) software and standards-compliant hardware. More information is available at netapp.com . Note to Editors: NetApp is a registered trademark and Network Appliance, Data ONTAP and NetCache are trademarks of Network Appliance, Inc. UNIX is a registered trademark of ATT. Windows NT and Windows are registered trademarks of Microsoft Corporation. All other brands or products are trademarks or registered trademarks of their respective holders. -------------------------------------------------------------------------------- Contact: Network Appliance, Inc. Adam B. Trunkey, 408/822-6314 (Press) atrunkey@netapp.com Billie Fagenstrom, 408/822-6428 (Investor) bfagenstrom@netapp.combiz.yahoo.com