PMC-Sierra, a provider of internet infrastructure semiconductor offerings, has entered into a definitive agreement with Adaptec to acquire its channel storage business, in a move to strengthen its existing enterprise storage business by accelerating access to channel customers.
The channel storage business includes Adaptec’s RAID storage product line, a global value added reseller customer base, board logistics capabilities and SSD cache performance offerings.
PMC-Sierra said that it will pay approximately $34m in cash for the acquisition and assume certain liabilities related to the business. The transaction is expected to close in approximately 30 days, subject to customary closing conditions.
PMC-Sierra said that it is committed to delivering and developing high-performance RAID offerings for OEM and channel storage customers from SAS-1 to SAS-3.
Greg Lang, president and CEO of PMC-Sierra, said: “The acquisition of Adaptec’s channel storage business allows us to accelerate our entry into a new segment of enterprise RAID storage and leverages our leading RAID chip and software development with channel customers.
“I am excited about this acquisition and the future growth opportunities it presents through the strong strategic fit between our core strengths in enterprise storage and the established channel storage business of Adaptec.”
