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Tuesday, July 27, 2004
Adaptec Completes Acquisition of Snap Appliance

Combined Company Positioned to Become a Leader in External Storage Systems

Adaptec, a global provider of storage solutions, today announced completion of its acquisition of privately held Snap Appliance, Inc., the worldwide volume leader in network-attached storage (NAS) solutions. Adaptec and Snap Appliance have begun developing a comprehensive business integration plan that will be implemented over the next 60 days and span key areas including business development, marketing, sales and branding.

"The Snap Appliance acquisition furthers the Adaptec expansion into the external storage market," said Robert N. Stephens, president and chief executive officer of Adaptec. "With Snap Appliance, Adaptec will deliver a broad product portfolio across direct-attached storage (DAS), network-attached storage (NAS), and Fibre Channel and IP storage-area networks (SANs) to meet customer needs both inside and outside the data center. More than 90 percent of Fortune 500 companies use Adaptec and Snap Appliance products, and, together, the two companies have delivered more than 30 petabytes of storage capacity to date."

Snap Appliance, as a new division of Adaptec, will retain its brand. Eric Kelly, former CEO of Snap Appliance, will report directly to Mr. Stephens. Mr. Kelly and his senior management team will continue to manage the Snap Appliance business.

"Our joint vision of delivering to customers advanced technologies that are easy to use provides us with a tremendous market opportunity," Kelly said. "As a new division of Adaptec, Snap Appliance will continue to build on the reputation and trust we've established with our customers as the worldwide volume leader in network attached storage (NAS) solutions."

Under the terms of the definitive agreement announced on July 13, 2004, Adaptec paid approximately $100 million, which represents approximately $91 million of cash and $9 million of assumed stock options. Adaptec expects the transaction to generate more than $40 million in new revenue over the next four quarters and the acquisition is expected to be accretive to Adaptec by the end of this calendar year.

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