-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NbXxneC1O336zY9oAeluK7xjz3lsYAJkWitAkMvormNB0fXEONUqVTdnjB5DMtRE gV+8J3oUExDuoF2DxVhogw== 0001104659-03-006314.txt : 20030411 0001104659-03-006314.hdr.sgml : 20030411 20030411124757 ACCESSION NUMBER: 0001104659-03-006314 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030331 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAPTEC INC CENTRAL INDEX KEY: 0000709804 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576] IRS NUMBER: 942748530 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15071 FILM NUMBER: 03646658 BUSINESS ADDRESS: STREET 1: 691 S MILPITAS BLVD STREET 2: M/S25 CITY: MILPITAS STATE: CA ZIP: 95035 BUSINESS PHONE: 4089458600 MAIL ADDRESS: STREET 1: 691 SOUTH MILPITAS BLVD STREET 2: M/S25 CITY: MILPITAS STATE: CA ZIP: 95035 8-K 1 j9416_8k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported):  March 31, 2003

 

ADAPTEC, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

0-15071

 

94-2748530

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

 

691 S. Milpitas Boulevard, Milpitas, CA

 

95035

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (408) 945-8600

 

(Former name or former address, if changed since last report)

 

 

 

 

Item 5. Other Events.

 

On March 31, 2003, Adaptec, Inc. issued a press release announcing it had entered into a definitive agreement to acquire EuroLogic Systems Group Limited, a provider of external and networked storage solutions. The transaction closed on April 2, 2003.  A copy of the March 31, 2003 press release is filed as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

 

Item 7.    Financial Statements and Exhibits

 

(c)             Exhibits

 

The following exhibit is filed herewith: 

 

Exhibit Nos.

 

Description of Exhibits

99.1

 

Press release dated March 31, 2003.

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

ADAPTEC, INC.

 

 

 

 

Date:  April 11, 2003

By:

 /s/ David A. Young

 

 

 

David A. Young

 

 

Vice President and Chief Financial Officer

 

 

(principal financial officer)

 

 

EXHIBIT INDEX

 

Exhibit Nos.

 

Description of Exhibits

 

 

 

99.1

 

Press release dated March 31, 2003.

 

 

3

 EX-99.1 3 j9416_ex99d1.htm EX-99.1

Exhibit 99.1

 

Editorial Contacts:

 

Investor Contact:

Andrew McCarthy

 

David A. Young

Adaptec, Inc.

 

Adaptec, Inc.

(408) 957-6085

 

(408) 957-6773

andrew_mccarthy@adaptec.com

 

dyoung@adaptec.com

 

 

ADAPTEC TO OFFER COMPREHENSIVE EXTERNAL AND NETWORKED STORAGE SOLUTIONS WITH ACQUISITION OF EUROLOGIC

 

OEMs Will Have Single Source for both Direct-Attached and Networked Storage Solutions

 

 

MILPITAS, Calif., March 31, 2003 – Adaptec, Inc. (Nasdaq: ADPT), the global leader in data storage access solutions, has reached a definitive agreement to acquire Eurologic Systems, a leading provider of external and networked storage solutions.  The acquisition builds on Adaptec’s leadership in direct-attached server storage by allowing the company to provide complete, end-to-end block- and file-based networked storage solutions. Adaptec expects the acquisition to be completed in April 2003.  Prior to the acquisition, Eurologic divested its SAN software business into a separate entity, which will continue to operate independently.

 

“We’re working closely with leading OEMs to enable the broad industry transition to storage networking by delivering new solutions that are as simple and reliable as traditional direct-attached server storage,” said Robert N. Stephens, Adaptec CEO. “Combining Eurologic’s storage systems capabilities with Adaptec’s proven leadership in server storage connectivity and IP storage networking will enable us to provide OEMs and resellers with a single source for complete direct-attached and networked storage solutions, including iSCSI targets.”

 

Eurologic’s broad family of external and networked storage products enables organizations to easily install, manage and scale multi-terabyte storage solutions.  The company offers JBOD and RAID SCSI, Fibre Channel and Serial ATA solutions, which are sold through OEMs and resellers worldwide.  Eurologic is headquartered in Dublin, Ireland, and has approximately 150 employees.

Adaptec will acquire Eurologic as a cash purchase for approximately $30 million and will incorporate the company into Adaptec’s Storage Solutions Group.  Adaptec will assume all customer and supplier agreements and will serve Eurologic customers through its offices worldwide.  The acquisition will provide Adaptec with access to new sales channels and open new opportunities in key industries such as medical imaging and digital media.

 

“We expect Eurologic will contribute between $60 million and $70 million in revenue during Adaptec’s next fiscal year, and provide a positive impact on our bottom line results by mid-year,” said David A. Young, Adaptec CFO.

 

 

“We’re pleased to be joining the Adaptec team,” said John Maybury, Eurologic CEO.  “The skill sets, technology and products of Adaptec and Eurologic are highly complementary.  Adaptec’s 20 years of industry leadership in storage infrastructure, coupled with Eurologic’s 10 years of leadership in storage subsystem design, provide a powerful combination for delivering next-generation external and networked storage solutions.”

 

About Eurologic Systems

 

Founded in 1988, Eurologic Systems is a premier provider of networked storage solutions to the vertical, channel and server markets. From systems to software to global product support, Eurologic has set the standard for storage technology.  The company has shipped approximately 148,000 total storage systems representing more than 21,000 terabytes of storage to customers worldwide. Eurologic is the networked storage partner of choice for many of the world’s largest server manufacturers, channel partners, and vertical applications solutions providers, such as Acer, Agfa, Avid, Bell Micro, Ciara Technologies, eSlim, Fujitsu Siemens, HCL, Intel, Mirapoint, Red Networks, Siemens Medical, Skydata, Stratus, Tech Data and Zycko.  For more information, please visit Eurologic’s web site at www.eurologic.com.

 

About Adaptec

 

Adaptec Inc. (NASDAQ: ADPT) provides highly available storage access solutions that reliably move, manage and protect critical data and digital content. Adaptec’s storage solutions are found in high-performance networks, servers, workstations and desktops from the world’s leading manufacturers, and are sold through OEMs and distribution channels to ISPs, enterprises, medium and small businesses and consumers. Adaptec is a member of the S&P SmallCap 600 Index. More information is available at www.adaptec.com.

 

Safe Harbor

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements related to our future products and product development plans. These forward-looking statements are based on current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. For more information regarding the risks facing the Company, we refer you to the Company’s periodic reports filed with the SEC, including its most recent 10-K and 10-Qs. The Company assumes no obligation to update the forward-looking information contained in this press release.

 

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