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Overland acquires Adaptec’s Snap Server

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Overland Storage has acquired the Snap Server Network Attached Storage (NAS)
business from Adaptec, including the brand and all assets related to Snap
Server networked and desktop storage appliances.

The acquisition extends Overland's vision, reach and strategy for delivering
end-to-end data protection to its customers and partners with the addition
of best-of-class NAS and replication solutions.
Says Anamika Budree, Overland Storage product specialist at distributor
Drive Control Corporation: "This development enables DCC to offer our
resellers and their clients an end-to-end data storage solution option from
a single vendor, with consolidated technical support and maintenance
structures. NAS technology adds a new dimension to Overland Storage's data
protection strategy, offering a very welcome and cost-effective path to
protecting clients' data."
The Snap Server product line broadens Overland's capabilities by adding
distributed NAS while also strengthening central and remote office data
protection. Snap Server leads the NAS market with more than 200 000 units
shipped. The acquisition will enable Overland to address the $1,2-billion
SMB NAS market, which according to IDC continues to grow by at least 15%
annually.
The features and functions of the Snap Server product line position it well
to target the three fastest growing market segments: distributed NAS,
centralised data protection for remote sites and backup to disk.
The acquisition immediately adds approximately $18-million in annual revenue
to the company's run rate, which should provide Overland with the ability to
leverage its existing sales force, marketing resources and infrastructure.
Finally, the acquisition contributes a significant amount of proprietary
intellectual property (IP), which should strengthen the company's intrinsic
value, along with a strong and cohesive development team to promote further
growth of the Snap Server product line.
"We believe that the cross-pollination of existing Overland IP with the Snap
Server IP will yield innovative features and products that will strengthen
all our product offerings individually, as well as improve their
interoperability," says Vern LoForti, president and CEO of Overland Storage.
"Snap Servers are pervasive in the marketplace and we intend to leverage
this position to continue the Snap tradition of simple, reliable,
easy-to-use appliances. We also plan to extend the Snap reach by exploring
emerging market segments such as the ever-increasing demands for
high-performance, cost-effective, scalable file-based storage to accommodate
the rapid rise of video surveillance and video archiving applications.
Although the acquisition initially will negatively impact our P&L, our goal
is to make the Snap business cash-flow positive by the third quarter of our
fiscal year ending 30 June 2009."