ALISO VIEJO, CA -- QLogic Corporation earlier this month acquired the outstanding common stock of Little Mountain Group, Inc. for a combination of cash and stock that could reach as high as $30 million over four years.
"The addition of the LMG technology and their engineering team to QLogic is an important step in bringing rapidly developing new Ethernet-based storage architectures to our markets," said HK Desai, CEO and president QLogic. "We are very impressed with their ability to understand and successfully develop this new technology and to meet the competitive challenges that will develop with this new class of products."
LMG was founded in 1999 and develops standards-based technology for high speed storage area networks. LMG will now be operated as a wholly-owned subsidiary of Auburn, California-based QLogic.
The acquisition includes payments based on performance milestones to be achieved over the next four years. The impact for 2001 earnings is not expected to be material.