Adaptec Completes Acquisition of DPT.Business Editors MILPITAS, Calif.--(BUSINESS WIRE)--Dec. 23, 1999 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 ) announced today that it has completed its acquisition of Distributed Processing The first term used to describe the distribution of multiple computers throughout an organization in contrast to a centralized system. It started with the first minicomputers. Today, distributed processing is called "distributed computing." See also client/server. Technology (DPT) for approximately $236 million. The purchase price includes cash for the outstanding shares of DPT plus the fair value of the assumed DPT stock options. DPT, a privately-held company based in Maitland, Florida Maitland is a city in Orange County, Florida, United States. The population was 12,019 at the 2000 census. As of 2006, the population recorded by the U.S. Census Bureau is 14,172[1]. , is a leading supplier of high-performance storage solutions. This acquisition strengthens Adaptec's efforts to broaden its solutions in the high-growth RAID market, and focuses Adaptec on building leadership in all RAID segments. The demand for storage capacity continues to grow explosively, and is fueled by the Internet and user demands for on-line access to information. RAID provides high performance and enhanced data protection for storage, and is important in a non-stop computing world. Adaptec will account for this acquisition under the purchase method of accounting. Adaptec will evaluate the allocation of the purchase price to the assets acquired, which may include in-process technology that will be written off in the quarter ending December 31, 1999, and goodwill and other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. that will be amortized over the benefit period. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains forward-looking statements regarding the company's RAID market share, global RAID position, and opportunities for product sales. These forward-looking statements are subject to risks and uncertainties and actual results could differ materially from these projections due to various factors including, but not limited to, the risks associated with integrating the operations of acquired companies, new product introductions by competitors, rapidly changing RAID product preferences by customers, and general economic conditions. For a more detailed discussion of the factors that affect the company's operating results, interested parties should review the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 31, 1999. About Adaptec Adaptec makes storage work with products and solutions that move, transfer, manage, and protect valuable data that is the heart of Internet and e-business computing. Adaptec's hardware and software products are found in high-performance servers and workstations from the world's leading manufacturers, and are sold through distribution channels to enterprises, medium and small businesses, and consumers. With a range of host 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 , RAID, and CD recording software products, Adaptec is a market leader in storage solutions, and a powerful enabler of today's information age. Adaptec is an S&P 500 and a NASDAQ 100 member. More information is available at http://www.adaptec.com. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion