Monday, June 30, 2008
Overland Storage Buys Adaptec's Snap Server Line
San Diego-based Overland Storage, a provider of data storage products, said today that it has acquired Adaptec's Snap Server NAS business, in a deal worth $3.6M. Overland said the deal will add best-in-class NAS and replication solutions to its product line. Adaptec's Snap Server NAS products are marketed to the small and medium sized business market. $2.1M of the purchase price will be paid in cash on close, with the rest over the next 12 months. Adaptec said that as part of the deal, Overland storage will hire 50 of its employees, who will sublease space in Adaptec's Milipitas facility. The deal does not include Adaptec's iSCSI-based hardware and software products, which Adaptec will keep and rebrand under its own name.