NetApp to purchase Engenio External Storage Systems Business of LSI

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

NetApp to purchase Engenio External Storage Systems Business of LSI

NetApp has entered into a definitive agreement to purchase the Engenio external storage systems business of LSI Corporation in an all-cash transaction for $480 million. The close is anticipated to occur in approximately 60 days, subject to customary closing conditions. The transaction is expected to be accretive to NetApp's GAAP and non-GAAP earnings per share by the end of the second quarter of its 2012 fiscal year.

Tom Georgens, President & CEO, NetApp, said, "We are excited about the acquisition of the Engenio business and the opportunity to significantly expand our addressable market and generate greater revenue growth. Our customers and partners have helped us emerge as an innovation leader and one of the fastest-growing storage vendors in shared, virtualized IT infrastructures. With Engenio, we will have a strategic storage platform to capitalize on new, high-growth opportunities that we don’t currently reach with our FAS platform."

Abhi Talwalkar, President & CEO, LSI Corporation, said, "With its singular focus on storage, NetApp is well positioned to enhance the value of the Engenio business and enable new growth opportunities. NetApp's channel-friendly approach is highly synergistic with the Engenio model of enabling partner and customer success, and the combination should further advance the Engenio storage platform, as well as augment the OEM channels that have been the foundation of its longstanding success."

NetApp gains a talented team from Engenio with engineering expertise that will continue to develop the Engenio platform and enable NetApp to capitalize on the new market opportunities that will fuel its growth. In addition, NetApp gains a team that is skilled at managing a mature, proven OEM business model with key industry partners.

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