7/1/2004 - Adaptec, Inc. (NASDAQ: ADPT), a global leader in storage solutions, announced it will license and acquire certain RAID data-protection intellectual property, RAID products and expertise from IBM (NYSE: IBM) to expand and enhance Adaptec RAID product offerings.
Under the agreement, Adaptec will deliver RAID controllers to IBM for its eServer iSeries and pSeries servers*. Adaptec expects the expanded RAID product offerings enabled by this transaction to yield approximately $150 million in new revenue opportunities over the next three years.
"Our strategic relationship with IBM has been a successful one, and we are pleased to expand our collaboration even further to deliver next-generation RAID data-protection solutions for xSeries, iSeries and pSeries customers with diverse business needs," said Robert N. Stephens, president and chief executive officer, Adaptec. "The new agreements enhance the Adaptec suite of storage solutions and extend our ability to serve diverse applications, such as enterprise resource planning, supply chain management, customer relationship management and transaction processing."
The agreements build upon the existing relationship between Adaptec and IBM that focuses on data protection for IBM xSeries servers. Terms of the transaction were not disclosed.
*eServer, iSeries, pSeries and xSeries are trademarks or registered trademarks of International Business Machines Corporation.
Adaptec Inc. (NASDAQ:ADPT) provides end-to-end storage solutions that reliably move, manage and protect critical data and digital content. Adaptec provides software and hardware solutions for storage connectivity and data protection, storage networking and networked storage subsystems to leading OEM and distribution channel partners. Adaptec solutions are in use by enterprises, ISPs, medium and small businesses and consumers worldwide. Adaptec is an S&P Small Cap 600 Index member.
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