Adaptec has continued its buying spree with an acquisition of Network Attached Storage (NAS) vendor Snap Appliance. Adaptec will pay $91 million in cash and $9 million in assumed stock options for Snap Appliance, which was spun off of Quantum almost 2 years ago. The acquisition helps fill a void in Adaptec's storage portfolio, which includes direct-attached, Fibre Channel, and Internet SCSI (iSCSI) solutions. The company currently offers a NAS device, but the acquisition will greatly increase its offerings. "Together, Adaptec and Snap Appliance have strong synergies that we plan to capitalize on to create a unique leader in the storage industry--one that can deliver solutions for businesses of almost any size and requirements, almost any existing infrastructure, anywhere in the network, all managed by a common software management platform and enhanced by value-added software applications for a variety of key business needs," said Robert N. Stephens, president and CEO of Adaptec.
Snap Appliance has focused on low-cost, high-volume NAS devices and is the volume leader in the NAS market, according to Gartner. Unlike most of its competitors, the company has in the past decided against targeting the high-end market and instead focuses on the low-price market for small businesses, departments, and workgroups. The company has shipped more than 150,000 Snap Servers worldwide. Snap Servers are powered by the proprietary GuardianOS software platform.
The companies expect to complete the transaction by the end of the month