SANTA CLARA, Calif. - NETGEAR, Inc. (NASDAQGM: NTGR), a worldwide provider of technologically advanced, branded networking products, today announced the execution of a definitive agreement to acquire privately-held Infrant Technologies, Inc.
Founded in March 2001 and based in Fremont, California, Infrant is dedicated to bringing enterprise-level storage technology to small businesses and professional home users at affordable prices. Its ReadyNAS™ family of network attached storage (NAS) products implements redundant array of independent disks (RAID) data protection, enabling users to store and protect critical data easily, efficiently and intelligently. The ReadyNAS lineup is powered by Infrant’s proprietary network storage processor, Linux-based RAIDiator™ operating system and patent-pending Expandable Protection (XRAID ™) technology, which allows for automatic RAID volume expansion as additional drives are added.
Under the terms of the agreement, NETGEAR will pay $60 million in cash for Infrant. Infrant shareholders may receive a total additional payout of up to $20 million in cash over the three years following closure of the acquisition if specific revenue targets are reached. The acquisition is subject to various standard closing conditions and is expected to close in the second quarter. Following completion of the transaction, Infrant’s President and Chief Executive Officer Paul Tien will become NETGEAR’s Vice President and General Manager for storage products.
“This acquisition fits NETGEAR’s strategy of expanding its product portfolio, strengthening its global brand presence and adding on proven management talent to further grow our business,” said Patrick Lo, Chairman and CEO of NETGEAR. “Infrant’s offerings complement NETGEAR’s current Storage Central offering, which is based on Zetera Corporation’s micro SAN (Storage Area Network) technology, and accelerates NETGEAR’s participation in the expanding market for networked attached storage. The ReadyNAS portfolio also complements NETGEAR’s digital home entertainment products, including the EVA8000 Digital Entertainer HD which streams digital content from the PC, the Internet and NAS
storage devices to the TV. We also believe we will be able to leverage NETGEAR’s leading brand name, News Release domestic and international supply chain relationships and distributor base to expand distribution for Infrant’s existing product offerings worldwide.”
About Infrant Technologies, Inc.
Infrant Technologies is dedicated to bringing enterprise-level storage technology to the masses at affordable prices. The company offers a host of network attached storage (NAS) products and technologies, including the award-winning ReadyNAS™ product family, for small business, professional and home customers. For more information about Infrant Technologies, visit www.infrant.com.
About NETGEAR, Inc.
NETGEAR (NASDAQGM: NTGR) designs technologically advanced, branded networking products that address the specific needs of small and medium business and home users. NETGEAR’s product offerings enable users to share Internet access, peripherals, files, digital multimedia content and applications among multiple personal computers and other Internet-enabled devices. NETGEAR is headquartered in Santa Clara, Calif. For more information, visit the company’s Web site at www.netgear.com or call (408) 907-8000.