Monday, February 12, 2007

SimpleTech Sells Consumer Products Business

Santa Ana-based SimpleTech has sold its consumer product business to San Mateo-based Fabrik, Inc., in a cash deal worth approximately $43M, in a deal announced this morning. SimpleTech is selling its hard disk drive and portable network storage business, along with the company's flash memory cards, USB flash drives, and memory upgrades lines. The deal also includes the name "Simpletech". According to Fabrik, the SimpleTech consumer operations will remain in Santa Ana. SimpleTech's OEM/Industrial flash business will be renamed STEC.