STEC Acquires Assets of KQ Infotech, Pvt Ltd and Establishes a Strategic R&D Presence in Pune, India
April 19 2011 - 9:00AM
STEC, Inc. (Nasdaq:STEC), a leading global provider of
enterprise-class solid-state drive (SSD) technologies and
solutions, today announced that its wholly owned subsidiary, STEC
India Private Limited, has acquired certain assets of Knowledge
Quest Infotech Private Limited, or KQI, a software development
company based in Pune, India. The portfolio of acquired assets
includes KQI's intellectual property rights. In addition, STEC has
hired approximately 30 key employees of KQI to augment
its existing software development team. The financial terms of this
transaction are not disclosed.
"The team of skilled software engineers from KQI has significant
experience in such areas as system software development and
virtualization," said Manouch Moshayedi, Chairman and Chief
Executive Officer of STEC. "As the overall trend of hardware and
software convergence in the storage industry continues, it is
important for us to expand our product portfolio by creating
increasingly intelligent storage solutions that accelerate the
adoption of solid-state drives in enterprise servers. Establishing
a presence in India provides us with strategic access to a global
software hub with a pool of top engineering talent to
cost-effectively meet our R&D expansion plans."
KQI has a record of developing storage software solutions for a
variety of application environments and has proven execution
capabilities. The team's system design knowledge, storage software
expertise, and virtualization capabilities will be important in the
development of STEC's future generations of solid-state
solutions.
"It is truly exciting to be joining the industry leader in
enterprise solid-state storage solutions," said Anurag Agarwal, CEO
and Co-founder of KQI. "There are valuable synergies between STEC's
core business and our intimate knowledge of storage file systems
and application development expertise through which we aim to
deliver value-added features and designs for future products."
For more information regarding this announcement and other
important SSD topics, please visit STEC's web site at
www.stec-inc.com/ssd/technology.
About STEC
STEC, Inc. is a leading global provider of solid-state drive
(SSD) technologies and solutions tailored to meet the
high-performance, high-reliability needs of original equipment
manufacturers (OEMs). With headquarters in Santa Ana, California
and locations worldwide, STEC leverages almost two decades of
solid-state drive knowledge and experience to deliver the most
comprehensive line of solid-state drives to the storage industry.
For more information, visit the company's web site at
http://www.stec-inc.com.
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STEC, the STEC logo, and ZeusIOPS are either registered
trademarks or trademarks of STEC, Inc. in the United States and
certain other countries. All other trademarks referred to herein
are the property of their respective owners.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
This release contains forward-looking statements that involve
risks and uncertainties, including those statements concerning the
benefits of STEC's R&D presence in Pune, India; the hardware
and software convergence trend in the storage industry; the
utilization of KQI's intellectual property rights and team of
software engineers; and the adoption and development of STEC's
technologies and solutions; and expanding STEC's product portfolio.
Such forward-looking statements are based on current expectations
and involve inherent risks and uncertainties, including factors
that could delay, divert or change any of them, and could cause
actual outcomes and results to differ materially from current
expectations. Although STEC believes that the forward looking
statements contained in this release are reasonable, it can give no
assurance that its expectations will be fulfilled. Important
factors that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements are
detailed in filings with the Securities and Exchange Commission
made from time to time by STEC, including its Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q, and its Current Reports
on Form 8-K. The information contained in this press release is a
statement of STEC's present intention, belief or expectation. STEC
may change its intention, belief, or expectation, at any time and
without notice, based upon any changes in such factors, in STEC's
assumptions or otherwise. STEC undertakes no obligation to release
publicly any revisions to any forward-looking statements to reflect
events or circumstances occurring after the date hereof or to
reflect the occurrence of unanticipated events.
CONTACT: Mitch Gellman, Vice President of Investor Relations
(949) 260-8328
ir@stec-inc.com
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