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Cray Inc To Acquire Appro International, Inc


Friday, 9 Nov 2012 06:15am EST 

Cray Inc announced it signed a definitive agreement to acquire Appro International, Inc., a privately-held developer of advanced scalable supercomputing solutions, for approximately $25 million in cash, which assumes at least a $3.5 million net working capital balance at closing with no debt. Highlights of the transaction include: Upon closing, Appro will become Cray's newly-formed Cluster Solutions business, led by Daniel Kim, current CEO of Appro; After the completion of the transaction, Cray expects to add approximately 90 Appro employees; Cray will sell Appro's HPC cluster products under the Cray brand; The transaction is expected to close relatively soon, possibly withinthe next few days or weeks, subject to customary closing conditions. 

Company Quote

29.85
-1.64 -5.21%
11 Jul 2014