SMART Modular Technologies Completes Acquisition of Adtron Corporation
Combined Companies to Target Enterprise Storage Market with Industry-Leading SSD Products and Technology
FREMONT, Calif., March 4 -- SMART Modular Technologies (WWH), Inc. ("SMART" or the "Company") (NASDAQ:SMOD), a leading independent manufacturer of memory modules, embedded computing subsystems, and TFT-LCD display products, announced that it has closed its acquisition of privately-held Adtron Corporation ("Adtron"), a leading designer and global supplier of high performance and high capacity solid state flash disk drives. The definitive agreement between SMART and Adtron was announced on February 13, 2008.
"Combining our strengths with Adtron, with its technical expertise, product portfolio, and customer base, immediately expands our non-DRAM business and complements our existing SSD business. Together, we offer the SSD market, especially the Enterprise Storage SSD market, a broader range of high performing, rugged, and reliable storage solutions," said Iain MacKenzie, President and Chief Executive Officer of SMART.
In connection with the acquisition, Alan Fitzgerald, founder of Adtron, joins SMART as Vice President and Chief Technical Officer, Flash Products, and Robert Benkendorf joins SMART as Vice President and General Manager, SSD Products.
The acquisition was an all-cash transaction of approximately $20 million with up to an additional $15 million should certain calendar year 2008 financial and operational performance goals be achieved.
About SMART
SMART is a leading independent designer, manufacturer and supplier of electronic subsystems to original equipment manufacturers, or OEMs. SMART offers more than 500 standard and custom products to OEMs engaged in the computer, industrial, networking, gaming, telecommunications, and embedded application markets. Taking innovations from the design stage through manufacturing and delivery, SMART has developed a comprehensive memory product line that includes DRAM, SRAM, and Flash memory in various form factors. Its Embedded Products Division develops embedded computing subsystems, backed by design and manufacturing, for markets supporting test equipment, 3G infrastructure, and network processing applications. SMART's Display Products Group designs, manufactures, and sells thin film transistors (TFT) liquid crystal display (LCD) solutions to customers developing casino gaming systems as well as embedded applications such as kiosk, ATM, point-of-service, and industrial control systems. SMART's presence in the U.S., Europe, Asia, and Latin America enables it to provide customers with proven expertise in international logistics, asset management, and supply-chain management worldwide. See www.smartm.com/ for more information.
About Adtron
Founded in 1985, Adtron is the leading designer and global supplier of high performance and high capacity solid state flash disk drives. Adtron Flashpak® SSDs integrate seamlessly into defence/aerospace, industrial automation, medical, transportation, telecom and enterprise applications. Utilizing Adtron's advanced ArrayPro(TM) performance engine, Adtron solid state flash disk drives deliver superior sustained read and write rates and comply with stringent environmental requirements. The Adtron Quality Management System is ISO 9001:2000 certified. Adtron is headquartered in Phoenix, Arizona with channels in all global markets. Learn more about Adtron at http://www.adtron.com/.
Source: SMART Modular Technologies
CONTACT:
Jack A. Pacheco
Senior Vice President & Chief Financial Officer of SMART Modular Technologies
+1-510-624-8134
or
Suzanne Craig of The Blueshirt Group
+1-415-217-4962
suzanne@blueshirtgroup.com, for SMART Modular Technologies
Web site: www.smartm.com/
http://www.adtron.com/
