Chipmaker LSI Plans To Buy SandForce For $322 Million
LSI Corporation today announced that it has signed a definitive agreement to acquire SandForce, Inc., the leading provider of flash storage processors for enterprise and client flash solutions and solid state drives (SSDs). Under the agreement, LSI will pay approximately $322 million in cash, net of cash assumed, and assume approximately $48 million of unvested stock options and restricted shares held by SandForce employees.
Flash-based solutions are critical for accelerating application performance in servers, storage and client devices, said Abhi Talwalkar, LSI president and chief executive officer. Adding SandForces technology to LSIs broad storage portfolio is consistent with our mission to accelerate storage and networking. The acquisition represents a significant, rapidly growing market opportunity for LSI over the next several years. Michael Raam, SandForce president and CEO, said, The combination of SandForce and LSI allows us to deliver differentiated solutions in the PCIe flash adapter segment by tightly integrating flash memory and management. In addition, leveraging our flash storage processors with LSIs comprehensive IP portfolio and leading-edge silicon design platforms will lead to innovative solutions.
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