MILPITAS, Calif. -- Adaptec Inc. here announced today will acquire Distributed Processing Technology (DPT) for $235 million. The purchase price will include cash for the outstanding shares of DPT plus the costs of assuming the DPT stock option plan.
DPT, a privately-held company based in Maitland, Fla., supplies RAID controllers, storage subsystems, and management software.
Adaptec has been trying to broaden its offerings in the RAID (redundant arrays of independent disks) storage market, which is growing rapidly due to Internet and user demands for on-line information.
"The combined forces of Adaptec and DPT should offer us revenue and market growth opportunities," said Bob Schultz, chief operating officer of Adaptec. "DPT brings tremendous experience in the RAID market, broadens our customer base into Unix, and enhances our complementary customer relationships. Our combined RAID engineering team will be the industry's best, and should help us accelerate product introductions and expand into new market segments."
Adaptec will, over time, merge the two companies' product lines to create a complete line of RAID storage solutions. DPT's technologies provide Adaptec the opportunity to enter the external RAID and storage area network (SAN) markets, and also expand Adaptec's business into Unix storage.
The acquisition will be accounted for as a purchase. The transaction is expected to close after completion of a definitive agreement and regulatory approvals.