Adaptech Acquires Power I/O Corporation.MILPITAS, Calif.--(BUSINESS WIRE)--Nov. 7, 1995--Adaptec, Inc. announced today that it has acquired Power 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 Corporation of Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). in a $7 million cash transaction. Power I/O, a privately-held company founded in 1993, develops high-speed input/output (I/O) and networking technologies. Grant Saviers, Adaptec chief executive officer, described the acquisition as "A synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. move for our company. As client-server computing becomes more involved in mission-critical applications, we at Adaptec are developing serial interface technologies that ensure the evolution will be a successful one. Power I/O's expertise in enabling 1 gigabit-per-second fibre channel technology, based on Hewlett-Packard's Tachyon tachyon (tăk`ēŏn'), hypothetical elementary particle that travels only at speeds exceeding that of light. According to the theory of relativity, the speed of light is the limiting velocity for all ordinary material particles. (TM) technology, complements and will accelerate our own efforts." The acquisition of Power I/O 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 third quarter of FY96, and goodwill, which will be amortized over the benefit period. The facilities of Power I/O will be consolidated with other Adaptec operations located in Irvine. 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 solutions to eliminate performance bottlenecks between micro- computers, 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, Adaptec is a recognized leader in high performance I/O technology. Adaptec currently employs approximately 1,900 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. Tachyon is a trademark of Hewlett-Packard, Inc. CONTACT: Adaptec, Inc. Christopher G. O'Meara, 408/957-2526 |
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