OCZ Technology Group Inc. (NYSE: OCZ) has acquired flash caching and virtualization software and hardware developer Sanrad Inc. for $15 million in shares. Sanrad raised $29 million from Yehuda and Zohar Zisapel's RAD Group Ltd., Sequoia Capital, and Foundation Capital. Yehuda Zisapel co-founded the company in 2000.
Sanrad, as its name implies, developed internet protocol (IP) based storage area network (SAN) technology. The company's solutions improve the performance of enterprise network applications. The company has a few million dollars in sales and is losing money.
OCZ has a market cap of $420 million, and expects $370 million in sales in 2011. It is a leading supplier of solid state drives SSD. Gartner Group estimated its share of SSD market for computers and servers at 4% in 2010. OCZ will use Sanrad's technology its memory products to ease application access bottlenecks in storage systems.
Sanrad CEO Ilan Oded said that the company's staff would join the OCZ development team and to establish its design center in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012