SAN Holdings Inc. (SANZ), a supplier of data storage solutions, and privately-held ITIS Services announced a definitive agreement under which ITIS Services Inc. will become a wholly-owned subsidiary of SAN Holdings Inc. The closing of the transaction is anticipated to take place during the week of December 17th, 2001.
According to the companies, ITIS Services is a storage solution provider that delivers design, deployment and support of high-performance storage networking solutions to a client base that includes some of the nation's largest financial services, healthcare and technology companies.
John Jenkins, CEO of SANZ said, "As said previously, the business models of SANZ and ITIS are nearly identical. In the course of our due diligence activities, we have developed organization and integration plans that can be executed quickly and will give us a strong launch into 2002. Given the two companies' growth momentum in the current difficult market conditions, and the identified opportunities for improved operating efficiencies, we expect strong revenue and margin gains in 2002."
Fred Busk, President of ITIS said "We are very excited about the future of the combined company which, with its substantial presence in the robust commercial and governmental client segments and strong geographic coverage, will allow us to provide greater value to our clients and business partners. The combined resources give us a great platform from which to address what we expect will be an exciting market in 2002."
The terms of the acquisition were not disclosed.