ALISO VIEJO, Calif., Oct. 18, 2005 (PRIMEZONE) -- QLogic Corp. (Nasdaq:QLGC), the leader in Fibre Channel host bus adapters (HBAs), stackable switches and blade server switches, today announced it is acquiring Troika Networks for $36.5 million in cash. Troika acceleration technology will be integrated into entry-level and mid-range QLogic virtualization platforms that host leading OEM and ISV software solutions.
"OEMs are seeing a need for virtualization solutions tailored to their customer's small and medium enterprises," said H.K Desai, CEO and president of QLogic Corporation. "To enable OEMs to respond to this need, QLogic will provide virtualization platforms for OEMs to build high-performance, low-cost solutions with the software of their choice."
"We are excited about joining QLogic, the industry leader in storage networking solutions for OEMs," said Bill Terrell, CEO and a founder of Troika. "There is a tremendous fit with the QLogic team as well as with their product focus."
Anthem Venture Partners is the lead investor in Troika and advised Troika on the transaction.
About Troika Networks
Troika Networks has been a pioneer in the storage virtualization field since the company was founded in 1998. The Accelera NSS storage virtualization platform delivers resilient hardware acceleration and the ability to host a variety of leading OEM and Independent software vendor applications that provide capabilities such as backup, mirroring, and snapshots. Accelera is certified with Fibre Channel switches and storage arrays from multiple vendors and is available today as a bundled offering with StoreAge software called SAN Volume Suite.
About QLogic
QLogic is the leading supplier of Fibre Channel host bus adapters (HBAs), blade server embedded Fibre Channel switches and Fibre Channel stackable switches. The company is also a leading supplier of iSCSI HBAs. QLogic products are delivered to small, medium and large enterprises around the world, powering solutions from leading companies like Cisco, Dell, EMC, HP, IBM, NEC, Network Appliance and Sun Microsystems. QLogic is a member of the S&P 500 Index and NASDAQ 100 Index. For more information visit www.qlogic.com.
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Disclaimer -- Forward Looking Statements
This press release contains statements relating to future results of the Company (including certain beliefs and projections regarding business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The Company advises readers that these potential risks and uncertainties include, but are not limited to: fluctuations in operating results; gross margins may vary over time; revenues may be affected by changes in IT spending levels; our stock price may be volatile; our dependence on the storage area network market; the ability to maintain and gain market or industry acceptance of the Company's products; our dependence on a limited number of customers; seasonal fluctuations and uneven sales patterns in orders from customers; our ability to compete effectively with other companies; declining average unit sales prices of comparable products; a reduction in sales efforts by current distributors; reliance on third party licenses; dependence on sole source and limited source suppliers; our dependence on relationships with certain silicon chip suppliers; the complexity of the Company's products; sales fluctuations arising from customer transitions to new products; the uncertainty associated with SOX 404 compliance; environmental compliance costs; terrorist activities and resulting military actions; international, economic, regulatory, political and other risks; uncertain benefits from strategic business combinations; the ability to maintain or expand upon strategic alliances; the strain on resources caused by growth and expansion; the ability to attract and retain key personnel; the decreased effectiveness of equity compensation; difficulties in transitioning to smaller geometry process technologies; the ability to protect proprietary rights; the ability to satisfactorily resolve any infringement claims; changes in tax laws or adverse tax audit results; computer viruses and other tampering with the Company's computer system; charter documents and stockholder rights plan that may discourage a business combination; and facilities located in areas subject to earthquakes and other natural disasters.
More detailed information on these and additional factors which could affect the Company's operating and financial results are described in the Company's Forms 10-K, 10-Q and other reports filed, or to be filed, with the Securities and Exchange Commission. The Company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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