As of March 27, 1997, Skipstone Inc. has been acquired by Adaptec Corp. Please contact us if you have any questions about the acquisition.
Press Release - March 27, 1997
MILPITAS, Calif.--(BUSINESS WIRE)--March 27, 1997--As part of its expanding FireWire strategy, Adaptec Inc. (NASDAQ:ADPT) today announced an agreement to purchase privately held Skipstone Inc. in a $7.5 million cash transaction.
Based in Austin, Texas, Skipstone is a supplier of IEEE 1394 products including software, engineering services, and developer toolkits. 1394, or FireWire, as it is alternatively known, is a leader among technologies competing for the opportunity to connect computers and consumer electronics devices.
According to Mike Fisher, vice-president and general manger of Adaptec's Peripheral Technology Solutions business unit: "Skipstone has extensive experience in 1394 FireWire. They have developed software and hardware that leads segments of the industry. We at Adaptec are determined to stay at the forefront of 1394 FireWire development; Skipstone's technology and expertise will enhance that effort."
The acquisition will be accounted for under the purchase method of accounting. Adaptec will evaluate the allocation of the purchase price to the assets acquired, which may include in-process technology that will be written off, and goodwill, which will be amortized over the benefit period.
Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O, connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Calif., Adaptec (NASDAQ:ADPT) employs 3000 people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is http://www.adaptec.com .
CONTACT: Adaptec Inc. Christopher G. O'Meara, 408/945-8600 (V.P. & Treasurer) Bruce Frymire, 408/945-8600 (Director Public Relations)
Adaptec's Statement on Skipstone Acquisition - April 4, 1997
Host OEM Customers
Adaptec will be adding Skipstone's 1394/Firewire Engineering expertise to its team to create even more robust 1394/Firewire solutions.
Adaptec will be moving forward with its FiresoftTM software solution for Win95 and WinNT as well as Mac OS support.
Adaptec will work with current OEM customers with respect to their SerialSoft requirements while working toward a migration to an Adaptec/Firesoft solution. SerialSoft as an independent product will be phased out.
Peripheral OEM Customers
Adaptec will be adding Skipstone's 1394/Firewire Peripheral Technnology Solutions expertise to its team to create total solutions with silicon and software for the 1394 peripheral environment.
Adaptec will be moving forward with its 1394 GB ASIC solution with a port of the Low Level Link Controller (LLC) and the applicable Fire X modules.
Adaptec will work with current OEM customers with respect to their immediate requirements while working toward a migration to an Adaptec solution. The LLC and Fire X modules as independent products will be phased out.
Tool Kit Customers
Skipstone Tool kits are discontinued as of April 2, 1997. Support for existing kits will continue for the warranty period, and discontinue thereafter. All existing Skipstone TK-100 tool kit owners are eligible for one free Adaptec 1394/Firewire Developers' kit. All existing Skipstone LLC tool kit owners are eligible for one free Adaptec 1394GB Developers' kit when available. You will be notified as to how you can obtain your new kit, or contact us and register at our web site (WWW.adaptec.com), or e-mail us directly at email@example.com
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