McNealy: Sun Will Be "Fourth Largest Storage Company Worldwide"
$4.1BN StorageTek Acquisition Will Give Combined Annual Revenue of More Than $13BN
Jun. 4, 2005 10:15 AM
"With this transaction, Sun emerges as the leader in secure Information Lifecycle Management (ILM), significantly expanding the value we offer to our customers," noted Scott McNealy today in a statement sent to analysts in the wake of yesterday's announcement that Sun Microsystems and StorageTechnology Corp. (StorageTek) have signed a definitive agreement under which Sun will acquire StorageTek.
The agreement is subject to regulatory and shareholder approval, so until it closes Sun and StorageTek will continue to operate separately from each other, McNealy stated. "We anticipate closing this arrangement during either the first or second quarter of Sun's 2006 fiscal year," he added.
"When we first discussed the possibility of acquiring StorageTek, it was apparent to me that we share similar vision for helping our customers take cost and complexity out of their IT infrastructure. There have been and continue to be huge issues relating to security of data assets that are paramount in customers' minds. With the combination of Sun and StorageTek we can address these problems like no other."
StorageTek's products and services will be integrated into Sun's product line once this agreement is formally closed, McNealy confirmed, and customers of StorageTek will continue to be serviced under the terms of their existing agreements. An integration team has been established to oversee "a smooth integration of operations, including management, engineering, sales and service personnel," he wrote.
McNealy's summary of what he called the "highlights" of the deal was as follows:
- "Together, we bring 60 years of shared experience in providing innovative solutions to Compute, Data, Management, Software and Services challenges.
- Combined annual revenue of more than $13 billion, placing Sun as the fourth largest storage company worldwide, and the undisputed leader in ILM.
- The addition of experienced and respected sales, service and support professionals who possess deep expertise and share Sun's commitment to innovation and customer value.
- A full suite of identity management offerings to enable compliance and auditability of information assets."
Reader Feedback: Page 1 of 1
ygao_trader commented on 4 Jun 2005
With StorageTek it gives Sun some more weight to stand up against IBM and in the process make more money than having the cash in the bank. Storage and tape is not going away - add to that all the new governement regulations Then Sun has a real chance with their security stuff.
fatcitystate commented on 4 Jun 2005
Storage is going to be a cash cow for SUN.
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