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Overland Storage Enters Into Definitive Agreement to Acquire Tandberg Data | |
Posted: Fri Nov 01, 2013 02:34:59 PM | |
SAN DIEGO, CA and DORTMUND, GERMANY -- November 1, 2013 -- Overland Storage (NASDAQ: OVRL) and Tandberg Data Holdings S.à r.l. today announced a definitive agreement for Overland to acquire Tandberg Data, a privately held global leader of data storage and data protection solutions that generated revenue for the twelve months ended June 30, 2013 of approximately $60 million on a US GAAP basis. "The Overland and Tandberg combination will accelerate our strategy of becoming a global leader in the data management and data protection industry," said Eric Kelly, president and CEO of Overland Storage. "With more than $100 million in annual revenue for the combined company during the last fiscal year, we expect the combination of these two businesses to provide us with a clearer path to profitability. The combined company will offer one of the broadest product lines and service offerings in the enterprise storage marketplace, and have the resources necessary to expand our market presence, fuel our growth and deliver innovative products and cloud offerings in the future." "The combination of Overland and Tandberg will expand our geographical reach in Europe, Asia and the Middle East, as well as strengthen the research and development team. It will also enable us to leverage the world-class manufacturing facility in China." "We look forward to joining forces with Overland and are excited to combine our substantial resources to create a stable platform for profitability, enabling greater focus on accelerating revenue growth," said Patrick Clarke, CEO of Tandberg Data. "Together we will be able to support our customers globally with over 16,000 channel and service partners." Under the terms of the agreement:
The acquisition is currently expected to be completed by the end of December 2013, subject to customary closing conditions, shareholder and regulatory approvals. Tandberg Data Holdings S.à r.l is a leading global supplier of data storage and data protection solutions for small and medium-sized businesses, remote offices, departments and workgroups. Headquartered in Dortmund, Germany, Tandberg with offices around the world including the US, Japan, and France, and a manufacturing facility in China. Tandberg markets its solutions through a global channel of qualified resellers, distributors, and OEM manufacturers including Apple, Fujitsu, Toshiba, HP, Hitachi and NEC. |