Western Digital to buy flash storage company Virident
Sept 9 (Reuters) - Hard drive maker Western Digital Corp said it would buy Virident Systems Inc, a maker of flash memory for servers, for $685 million in cash.
Western Digital has been trying to expand its presence in the solid state, or flash storage, market with its recent acquisitions.
In June, Western Digital bought troubled solid-state drive (SSD) maker Stec Inc to become one of the top players in the high-growth industry.
"We have established a competitive position in the enterprise SSD space and with our recently announced acquisitions we are increasing our commitment to become an even more significant player in this high growth segment," said Western Digital Chief Executive Steve Milligan.
RBC Capital Markets was the financial adviser to Western Digital and BofA Merrill Lynch advised Virident.
The acquisition is expected to close in the fourth quarter of calendar year 2013.