Software Development Group Expands Global R&D Efforts
SANTA ANA, Calif., Apr 19, 2011 (GlobeNewswire via COMTEX) --
STEC, Inc. (Nasdaq:STEC), a leading global provider of enterprise-class solid-state drive (SSD) technologies and solutions, today announced that its wholly owned subsidiary, STEC India Private Limited, has acquired certain assets of Knowledge Quest Infotech Private Limited, or KQI, a software development company based in Pune, India. The portfolio of acquired assets includes KQI's intellectual property rights. In addition, STEC has hired approximately 30 key employees of KQI to augment its existing software development team. The financial terms of this transaction are not disclosed.
"The team of skilled software engineers from KQI has significant experience in such areas as system software development and virtualization," said Manouch Moshayedi, Chairman and Chief Executive Officer of STEC. "As the overall trend of hardware and software convergence in the storage industry continues, it is important for us to expand our product portfolio by creating increasingly intelligent storage solutions that accelerate the adoption of solid-state drives in enterprise servers. Establishing a presence in India provides us with strategic access to a global software hub with a pool of top engineering talent to cost-effectively meet our R&D expansion plans."
KQI has a record of developing storage software solutions for a variety of application environments and has proven execution capabilities. The team's system design knowledge, storage software expertise, and virtualization capabilities will be important in the development of STEC's future generations of solid-state solutions.
"It is truly exciting to be joining the industry leader in enterprise solid-state storage solutions," said Anurag Agarwal, CEO and Co-founder of KQI. "There are valuable synergies between STEC's core business and our intimate knowledge of storage file systems and application development expertise through which we aim to deliver value-added features and designs for future products."
For more information regarding this announcement and other important SSD topics, please visit STEC's web site at www.stec-inc.com/ssd/technology.
STEC, Inc. is a leading global provider of solid-state drive (SSD) technologies and solutions tailored to meet the high-performance, high-reliability needs of original equipment manufacturers (OEMs). With headquarters in Santa Ana, California and locations worldwide, STEC leverages almost two decades of solid-state drive knowledge and experience to deliver the most comprehensive line of solid-state drives to the storage industry. For more information, visit the company's web site at http://www.stec-inc.com.
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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements that involve risks and uncertainties, including those statements concerning the benefits of STEC's R&D presence in Pune, India; the hardware and software convergence trend in the storage industry; the utilization of KQI's intellectual property rights and team of software engineers; and the adoption and development of STEC's technologies and solutions; and expanding STEC's product portfolio. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. Although STEC believes that the forward looking statements contained in this release are reasonable, it can give no assurance that its expectations will be fulfilled. Important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are detailed in filings with the Securities and Exchange Commission made from time to time by STEC, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. The information contained in this press release is a statement of STEC's present intention, belief or expectation. STEC may change its intention, belief, or expectation, at any time and without notice, based upon any changes in such factors, in STEC's assumptions or otherwise. STEC undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.
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SOURCE: STEC, Inc.
CONTACT: Mitch Gellman, Vice President of Investor Relations