Adaptec Acquires Future Domain Corporation.MILPITAS, Calif.--(BUSINESS WIRE)--July 13, 1995--Adaptec announced today that it has acquired Future Domain Corporation of Irvine, Calif. in a $25 million cash transaction. Future Domain, 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 1983, designs, manufactures and markets desktop input/output (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 ) products. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. F. Grant Saviers, Adaptec chief executive officer, the acquisition of Future Domain is significant for a couple of reasons. "This addition adds complementary products to our portfolio, and offers customers a new and synergistic set of I/O solutions. Secondly, Future Domain's software and hardware architecture teams will have the strategic charter to deliver processor-independent solutions for the RISC-based systems A computer system that uses a RISC CPU such as a SPARC, PowerPC or MIPS chip. See RISC. market, enhancing existing Adaptec development efforts." Jack Allweiss, 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. of Future Domain, said: "We are pleased. We believe the customers of both Adaptec and Future Domain and the I/O market in general will greatly benefit by this combination." Allweiss will serve as director of the Irvine Product Development Center. The acquisition will be accounted for under the purchase accounting method. Adaptec is in the process of evaluating the allocation of the purchase price to the assets acquired, which include in-process technology that will be written off in the second quarter of FY96, and goodwill which will be amortized over the benefit period. Adaptec, Inc. (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 ) designs, manufactures and markets IOware(R) solutions to eliminate performance bottlenecks between microcomputers, networks, and peripherals. Solutions range from simple connectivity products for single-user and small-office desktops, to intelligent subsystem, high performance SCSI SCSI in full Small Computer System Interface Once common standard for connecting peripheral devices (disks, modems, printers, etc.) to small and medium-sized computers. SCSI has given way to faster standards, such as Firewire and USB. , RAID and ATM products for enterprise-wide computing and networked environments. Adaptec I/O solutions are incorporated into the products of virtually all the major computer and peripheral manufacturers around the world. Founded in 1981, and headquartered in Milpitas, Calif., Adaptec is a recognized market leader in high performance I/O technology. Adaptec currently employs approximately 1,800 people, and with its global distribution network, serves customers worldwide. Adaptec's World Wide Web home page address is http://www.adaptec.com. -0- Note to Editors: Adaptec and IOware are trademarks of Adaptec, Inc., which may be registered in some jurisdictions. CONTACT: Adaptec Bruce Frymire, 408/957-4893 |
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