11/14/2002 - Adaptec, the global leader in data storage access solutions, announced it will acquire the outstanding technology assets of Tricord Systems through bankruptcy proceedings.
Based in Plymouth, MN, Tricord developed unique, patented technology for managing highly scalable, network attached storage systems. Adaptec plans to use Tricord's technology as part of the company's efforts to extend its line of external storage products to include file- and block-based storage systems.
"Adaptec's vision is to make highly scalable, highly reliable networked storage easy to use and manage for mid-size companies," said Ahmet Houssein, vice president and general manager for Adaptec's Storage Systems Group. "Tricord's solution is a powerful extension of that vision, enabling hands-off management, fail-over capabilities and seamless storage expansion - key capabilities for network attached storage solutions."
Adaptec will pay $2 million in cash for the technology assets of Tricord Systems. The purchase, which Adaptec expects to complete on November 15, 2002, does not include liabilities or customer obligations.
Adaptec Inc. (NASDAQ:ADPT) provides highly available storage access solutions that reliably move, manage and protect critical data and digital content. Adaptec's storage solutions are found in high-performance networks, servers, workstations and desktops from the world's leading manufacturers, and are sold through OEMs and distribution channels to ISPs, enterprises, medium and small businesses and consumers. Adaptec is an S&P SmallCap 600 Index member.
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