HPCwire: QLogic to Acquire SilverStorm Technologies

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October 06, 2006

QLogic to Acquire SilverStorm Technologies

QLogic Corporation has announced that it has entered into a definitive agreement to acquire SilverStorm Technologies, Inc. Pursuant to the terms of the agreement, QLogic will pay approximately $60 million in cash. The acquisition has been approved by the board of directors of each company and is expected to close following the satisfaction of customary closing conditions. Based on current projections, the Company anticipates that the acquisition of SilverStorm will be neutral to its non-GAAP earnings per share for fiscal year 2007. The company will provide additional details regarding the acquisition during its second quarter fiscal 2007 earnings conference scheduled for October 24, 2006.

"The acquisition of SilverStorm builds on our portfolio of InfiniBand connectivity technology which will provide our customers with a leading edge, end-to-end solution," said H.K. Desai, QLogic's chief executive officer and president. "This is a rapidly emerging market and having a known and trusted supplier of infrastructure connectivity products, delivering an end-to-end solution, will accelerate the ability of our OEM and channel partners to bring their system level solutions to market."

SilverStorm Technologies provides end-to-end, high performance interconnect fabric solutions for cluster and grid computing networks. SilverStorm products address the unique performance and I/O requirements of enterprise class servers, blade servers and storage devices as data center architecture building blocks.

"The synergy created by SilverStorm's industry leading technology and QLogic's strong market presence will drive our expanded market share growth," said Russ Hawkins, chief executive officer of SilverStorm. "We are pleased to be part of the QLogic team and look forward to playing an integral part of QLogic's ongoing success."

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