Adaptec is selling its RAID channel storage business to PMC-Sierra for $34m, but will keep its Aristos ASIC technology business as it looks for ways to invest its $400m cash pile. Activist investor Steel Partners gained control of Adaptec a few months ago and is now asset-stripping the business. Adaptec as a RAID adapter company …
Quite happy - they deserved it badly
Not too many years back, Adaptec was the dreaded monopolist, and they knew how to exploit the situation. They thought they knew, that is.
Lousy support, no way to get firmware info, and one firmware update concealing one hardware flaw after another. (If you have no better waste of time, follow the discussion on the OpenBSD lists, including notorious Theo. It is enlightening about Adaptec's business model. The icon says it.)
I think this may have been a second-best offer from pmc-sierra; they may believe they can do the chip stuff themselves and can do something useful with the channel they've acquired, and I think adapt^Wsteel partners may have demanded just a tad too much for what they thought was the only thing pcm-sierra would be interested in.
How much did steel partners pay for their share in that $434M cash pile?
Ah well, bottom line: The days of corporate pirate raiding are back, it seems. Are we sure steel partners doesn't have a somalian pirate stock exchange notation?
I for one
... hail and welcome our new PMC-Sierra redundantly independent arrays of overlords!
So Adaptec is now just a shell holding 200 patents and $400-odd million dollars? What we have here is a patent troll that can afford to sue the f*** out of just about anybody.
... Adaptec make the best unified cards out there at the moment, even more so considering their prices point - blows the similarly priced LSI/3ware cards out of the water by a country mile, even on simple RAID-1. :(
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