Seagate Completes Acquisition Of LSI's Flash Businesses From Avago

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Sep 02, 2014

CUPERTINO, CA — Seagate Technology plc (NASDAQ: STX), a world leader in storage solutions, today announced it has completed its previously announced acquisition of the assets of LSI’s Accelerated Solutions Division (“ASD”) and Flash Components Division (“FCD”) from Avago Technologies Limited (NASDAQ:AVGO).

“There is a growing opportunity for mobile and enterprise flash-based storage solutions, which is why we’re excited about this strategic technology acquisition,” said Steve Luczo, Seagate Chairman and CEO. “Integrating LSI’s Enterprise PCIe flash and SSD controller products, and its engineering capabilities into Seagate’s leading storage technology portfolio and product development will expand our ability to meet a broader base of customers’ needs and drive new revenue opportunities.”

This technology acquisition immediately boosts Seagate’s range and depth of flash storage capabilities and brings additional engineering expertise to accelerate its roadmap in the growing flash market. LSI’s ASD business has the broadest PCIe flash product offering and intellectual property in the market today and its FCD business has best-in-class SSD controllers with proven support for a wide range of applications.

About Seagate

Seagate is a world leader in hard disk drives and storage solutions. Learn more at www.Seagate.com.  Seagate and Seagate Technology are registered trademarks of Seagate Technology LLC. 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects and estimates of industry growth for the fiscal quarter ending October 3, 2014 and beyond. These statements identify prospective information and include words such as “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects” and similar expressions. These forward-looking statements are based on information available to the Company as of the date of this press release and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Such risks and uncertainties include, but are not limited to:  the uncertainty in global economic conditions, as consumers and businesses may defer purchases in response to tighter credit and financial news; the impact of the variable demand and adverse pricing environment for the flash storage market, including PCIe flash and SSD controller solutions, particularly in view of current business and economic conditions; dependence on the Company’s ability to successfully qualify, manufacture and sell its flash storage products, including PCIe flash and SSD controller solutions, in increasing volumes on a cost-effective basis and with acceptable quality; the impact of competitive product announcements; and the Company’s ability to achieve projected cost savings. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 8, 2014, the “Risk Factors” section of which is incorporated into this press release by reference. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

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