Adaptec to Purchase Assets of NAS Innovator Tricord Systems -

Adaptec to Purchase Assets of NAS Innovator Tricord Systems

Adaptec today announced it will acquire the outstanding technology assets of Tricord Systems, Inc. through bankruptcy proceedings.

Based in Plymouth, MN, Tricord developed patented technology for managing highly scalable, network attached storage systems. Adaptec plans to use Tricord's technology as part of the company's efforts to extend its line of external storage products to include file- and block-based storage systems.

"Adaptec's vision is to make highly scalable, highly reliable networked storage easy to use and manage for mid-size companies," said Ahmet Houssein, vice president and general manager for Adaptec's Storage Systems Group. "Tricord's solution is a powerful extension of that vision, enabling hands-off management, fail-over capabilities and seamless storage expansion -- key capabilities for network attached storage solutions."

In a press release issued today, Adaptec said that it will pay $2 million in cash for the technology assets of Tricord. The purchase, which Adaptec expects to complete on November 15, 2002, does not include liabilities or customer obligations.

Although Adaptec does currently manufacture and supply external disk subsystems, it does not have a NAS device in its product line up.

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