Adaptec Acquires Cogent Data Technologies.MILPITAS, Calif.--(BUSINESS WIRE)--June 3, 1996--Adaptec, Inc. announced today that it has agreed to acquire Cogent Data Technologies, Inc. of Friday Harbor, Wash. in a $68 million stock transaction. Cogent, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. founded in 1982, provides high performance Fast Ethernet An earlier name for 100Mbps Ethernet. See 100Base-T. (networking) Fast Ethernet - A version of Ethernet developed in the 1990s(?) which can carry 100 Mbps compared with standard Ethernet's 10 Mbps. It requires upgraded network cards and hubs. products for the networking market. "We are in the business of system bandwidth management," said Adaptec president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Grant Saviers. "Our strategy is to provide hardware and software products that enable network servers and high-performance desktops to rapidly move information. Fast Ethernet is an exciting opportunity to expand the networking side of Adaptec's bandwidth management." Clay Marr, vice president and general manager of Adaptec's Network Products Business Unit, characterized the acquisition as a "move that makes perfect sense for both companies. We're adding Adaptec's financial and marketing strength to Cogent's complete set of Fast Ethernet products. Cogent's `Predictive Pipelining' software technology has enabled them to win many best-of-breed awards for server throughput. Our focus is server-centric, and Fast Ethernet technology is being rapidly adopted in this area." Dr. Charles Anderson, founder and president of Cogent, concurred, saying, "The combination of Cogent's technological expertise in Fast Ethernet and the strength of Adaptec in the I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output marketplace will allow the companies to assume a strong position in the high performance LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. arena. Both companies share a server-centric product and market focus. This vision should give us a significant market opportunity in high performance I/O server components for file, video, internet and intranet applications." The acquisition will be accounted for under the pooling method of accounting. Accordingly, Adaptec will record the acquired assets and assumed liabilities at their book values as of the acquisition date. Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O, connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Calif., Adaptec (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADPT ADPT Automated Data Processing/Telecommunications ADPT Adaptec Corporation (stock symbol) ADPT Adaptive Prediction ADPT Auger Depth Profiling Technique ADPT Automated Data Processing Telecommunications ADPT Adapter ) employs over 2500 people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page address is http://www.adaptec.com. Cogent's home page address is http://www.cogentdata.com. CONTACT: Adaptec Paul G. Hansen, Chief Financial Officer or Christopher G. O'Meara, V.P. & Treasurer or Bruce Frymire, Director, Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , 408/945-8600 |
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