Sun Microsystems has entered into a definitive agreement to acquire Pirus Networks, a privately held company based in Acton, MA.
Sun will acquire the company, a developer of intelligent storage networking switches, in a stock-for-stock transaction.
The acquisition, subject to customary closing conditions, including approval by Pirus Networks’ shareholders, is expected to close in the second quarter of Sun’s 2003 fiscal year, which ends December 29, 2002.
Following completion of the acquisition, Pirus Networks will become a part of Sun’s Network Storage organisation, which reports to Executive Vice President Mark Canepa.
Market researcher IDC predicts that the storage market will grow from $33 billion in 2000 to over $53 billion in the year 2004. In addition, Dataquest predicts that by the year 2004, over 80% of storage will be networked based making Network Attached Storage and Storage Area Networks (NAS & SAN) the highest growth segments of the storage market.