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SUNNYVALE and SAN FRANCISCO—October 24, 2014— NetApp, Inc. (NASDAQ: NTAP) today announced the acquisition of Riverbed Technology's (NASDAQ: RVBD) SteelStore product line in an all-cash transaction for approximately $80 million. The SteelStore product supports leading backup applications and cloud providers so that customers have a choice in how they extend their existing data protection infrastructure into the cloud. NetApp will offer enterprises cloud-integrated storage to securely and efficiently back up their data to both private and public cloud environments.
"Cloud has become a major disruption in the backup and recovery market as customers look to augment their data protection and data management operations," said Jonathan Kissane, senior vice president, chief strategy officer, and GM of Cloud Business, NetApp. "The SteelStore product will expand our portfolio and support our customers' hybrid cloud initiatives by integrating cloud storage as an option for backup and archiving their business data. This product, coupled with our broad ecosystem of application and cloud service providers, will give enterprises a heterogeneous backup solution to leverage the flexibility and economics of the cloud for their backup and recovery needs."
Open, Efficient, and Secure Cloud-Integrated Backup
As enterprises plan for and integrate cloud storage resources in the way that works best for them, NetApp helps customers embrace the cloud on their terms to maintain control of their data across any cloud environment. The addition of the SteelStore cloud-integrated storage product line will now provide enterprises with the ability to efficiently and securely back up business data to whichever cloud option they choose.
The SteelStore product supports both NetApp and third-party storage infrastructures as well as a full set of market-leading third-party backup software and cloud providers. Customers will be able to augment their current infrastructures to not only reduce the complexity of disk-to-cloud and tape-based technology, but also reduce storage costs by up to 80% with in-line deduplication and compression capabilities. Lastly, the SteelStore product meets encryption and security standards that will enable NetApp to offer customers end-to-end security for both data at rest and data in flight as it moves between cloud environments. As a result, customers will be able to overcome vendor lock-in and the management costs of their current backup environments. They will also be able to achieve the enterprise openness, efficiency, and security they require to back up their data in the cloud.
"We believe this is a sound transaction for both companies. The decision to divest the SteelStore product line reflects Riverbed's commitment to focus on businesses and opportunities which both leverage our core competencies and allow us to deliver the best solutions in the application performance infrastructure market for today's hybrid enterprise," said Jerry M. Kennelly, chairman and CEO of Riverbed Technology. "The acquisition is a very logical extension to NetApp, a leader in data management and storage, and allows NetApp customers to extend existing backup, archive, and disaster recovery to the cloud."
NetApp expects that the SteelStore product will be available during its fiscal third quarter of 2015.
Leading organizations worldwide count on NetApp (NASDAQ: NTAP) for software, systems and services to manage and store their data. Customers value our teamwork, expertise and passion for helping them succeed now and into the future. To learn more, visit www.netapp.com.
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Riverbed®, The Digital Performance Company™, enables organizations to maximize digital performance across every aspect of their business, allowing customers to rethink possible. Riverbed’s unified and integrated Digital Performance Platform™ brings together a powerful combination of Digital Experience, Cloud Networking and Cloud Edge solutions that provides a modern IT architecture for the digital enterprise, delivering new levels of operational agility and dramatically accelerating business performance and outcomes. At more than $1 billion in annual revenue, Riverbed’s 30,000+ customers include 98% of the Fortune 100 and 100% of the Forbes Global 100. Learn more at riverbed.com.
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