Host bus adapter vendor Emulex Corp. (NYSE: ELX) today said it has agreed to acquire embedded Fibre Channel switch maker Vixel Corp. (Nasdaq: VIXL) in an all-cash deal worth around $310 million (see Emulex to Acquire Vixel for $310M).
Vixel was one of the early players in the Fibre Channel fabric switch market but had fallen behind Brocade Communications Systems Inc. (Nasdaq: BRCD). Last year, Vixel repositioned itself as a provider of embedded switches for internal RAID array connectivity.
That shift in gears evidently has paid off for the Bothell, Wash.-based Vixel: Emulex is paying $10 per share to buy the company, a 17 percent premium over Vixel's closing price of $8.54 per share today.
Emulex says Vixel's InSpeed embedded storage switching products complement Emulex's existing original equipment manufacturer (OEM) business model and HBA products.
"A key objective for the acquisition is to accelerate Emulex's revenue growth by tapping into the incremental market for embedded storage switching solutions," said Paul F. Folino, chairman and CEO of Emulex, in a statement.
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