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Thursday, October 27, 2011
LSI to Acquire SandForce


LSI Corporation today announced that it has signed a definitive agreement to acquire SandForce, Inc., the provider of flash storage processors for enterprise and client flash solutions and solid state drives (SSDs).

Under the agreement, LSI will pay approximately $322 million in cash, net of cash assumed, and assume approximately $48 million of unvested stock options and restricted shares held by SandForce employees.

SandForce's products include flash storage processors at the heart of PCIe flash adapters and SSDs. Flash storage processors provide the intelligence required to deliver the performance and low-latency benefits of flash storage in enterprise and client applications. With DuraClass technology, SandForce flash storage processors improve the reliability, endurance and power efficiency of flash-based storage solutions.

The acquisition enhances LSI's position in the fast-growing server and storage PCIe flash adapter market, where the WarpDrive family of products from LSI already uses SandForce flash storage processors.

"Flash-based solutions are critical for accelerating application performance in servers, storage and client devices," said Abhi Talwalkar, LSI president and chief executive officer. "Adding SandForce's technology to LSI's broad storage portfolio is consistent with our mission to accelerate storage and networking. The acquisition represents a significant, rapidly growing market opportunity for LSI over the next several years."

Michael Raam, SandForce president and CEO, said, "The combination of SandForce and LSI allows us to deliver differentiated solutions in the PCIe flash adapter segment by tightly integrating flash memory and management. In addition, leveraging our flash storage processors with LSI's comprehensive IP portfolio and leading-edge silicon design platforms will lead to innovative solutions."

The transaction is expected to close early in the first quarter of 2012 subject to customary closing conditions and regulatory approvals. Upon closing, the SandForce team will become part of LSI's newly formed Flash Components Division, with Raam as general manager.

LSI expects the acquisition to be neutral to non-GAAP earnings per share in 2012.


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