July 23, 2009 (FinancialWire) — LSI Corp. (NYSE: LSI) said it has signed a definitive agreement to acquire network storage device maker Onstor, Inc. for around $25 million in cash inclusive of assumed debt and other net liabilities.

Campbell, California-based Onstor, which is privately held, provides clustered network-attached storage solutions designed to help enterprises consolidate, protect and manage the accelerating growth of unstructured data.

The company’s products include NAS gateways, NAS systems and unified storage systems sold to end users through a network of channel partners and original equipment manufacturers.

LSI said the transaction is scheduled to close within thirty days and that it expects the acquisition to be roughly neutral to non-GAAP earnings per share in 2009. The company plans to provide further details on July 29 when it reports second quarter results.

Milpitas, California-based LSI offers a portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software used in the storage and networking markets.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.