Western Digital Completes Acquisition of sTec
Confirming agreement signed last June for $340 million
This is a Press Release edited by StorageNewsletter.com on September 13, 2013 at 2:54 pmWestern Digital Corp. has completed the acquisition of sTec, Inc., an early innovator in enterprise SSDs.
sTec will be integrated into HGST, a wholly-owned subsidiary of Western Digital.
The acquisition augments HGST’s existing solid-state storage capabilities, accelerating its ability to expand its participation in the growing area of enterprise SSDs.
Completion of the sTec acquisition follows HGST’s recent purchase of VeloBit, an advanced SSD caching software company, and the proposed acquisition of Virident, provider of server-side flash storage solutions.
Collectively these building blocks expand HGST’s presence in the enterprise SSD space, which IDC predicts will grow from $2.5B in revenue in 2012 to $7B in revenue by 2017 (Source: Worldwide Solid State Storage 2013-2017 Forecast and Analysis (IDC Doc # 240871, May 2013.)
"We are excited to welcome the sTec team to HGST, where they will play a key role in our ongoing growth," said Mike Cordano, president, HGST. "sTec has a strong technology capability and foundational intellectual property that will support our initiative to deliver intelligent storage devices tailored to meet the evolving needs of today’s datacenter customer."
Read also:
Western Digital Acquired SSD Maker sTec for $340 Million
To be incorporated into HGST
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