Under the agreement, Finisar is purchasing all outstanding shares of I-Tech for approximately $12.1 million and, after the payment of transaction costs and expenses, will assume a cash balance of approximately $800,000.
"The acquisition of I-TECH provides the last missing piece to our product portfolio of test and monitoring equipment for storage applications," said Kevin Cornell, senior vice president and general manager of Finisar's Network Tools Division. "As a result of this acquisition, we will be adding new capabilities with respect to our high-channel-count analyzers and the ability to do time-correlated traces in a single box for multiple protocols. We will also be adding new products for bit-error generators for multiple protocols including SCSI, SAS/SATA and Fibre Channel. In addition, I-Tech holds key patents that will be useful in future products to be rolled out later this year."
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