Adaptec Inc. (Nasdaq: ADPT) has acquired storage subsystem manufacturer Eurologic Systems for $30 million in cash, increasing its SAN storage portfolio (see Adaptec Buys Eurologic for $30M).
Adaptec says it expects Eurologic to contribute between $60 million and $70 million in revenue during Adaptec's next fiscal year (which starts April 1) and to provide a "positive impact on bottom-line results" by mid-2002. Byte and Switch reported that Adaptec was in acquisition talks with Eurologic last week (see Adaptec to Buy Eurologic?).
Tim Connolly, director of Adaptec's external storage division, says Eurologic is "a natural fit" that will expand Adaptec's RAID controller franchise into networked storage.
"With Eurologic, we're gaining a revenue stream, a customer base, and a technology base," he says. "These are people who have been working in this business since 1988... They bring a strong base of sales, engineering, and marketing talent to Adaptec."
Adaptec, which expects the acquisition to be completed in April 2003, plans to incorporate Eurologic into its Storage Solutions Group and will assume all of Eurologic's customer and supplier agreements. Some of Eurologic's existing customers and resellers include Acer Inc., Bell Microproducts (Nasdaq: BELM), Fujitsu Siemens Computers, Intel Corp. (Nasdaq: INTC), Stratus Technologies International, and Tech Data Corp. (Nasdaq: TECD).
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