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Legato Systems, Inc. today announced an agreement to acquire through a $12.5 million all-cash transaction privately-held SCH Technologies.
According to Legato, SCH is a software and services organization that develops and globally distributes advanced storage solutions for the open systems market. The company has Technical Development Centers in Ann Arbor, Michigan and Cincinnati, Ohio and additional sales and service offices supporting clients throughout the United States, Europe, Australia and the Pacific Rim. Further terms of the transaction were not disclosed.
"Legato and SCH Technologies products and sales channels are highly complementary," said David B. Wright, CEO and chairman of the board of Legato Systems, Inc. "These newly combined resources and talents will allow us to reach new customers and to expand the technologies currently offered to our customers."
The acquisition has been approved by the boards of directors of each company. Legato expects the transaction to close next week, subject to various conditions. This transaction will be accounted for under the purchase accounting method. Additional financial details will be disclosed during Legato's 2nd quarter earnings financial conference call on July 24, 2001.