NetApp to acquire Data Domain for $1.5 billion
NetApp has announced that they have entered into an agreement to acquire deduplication storage systems provider Data Domain for $1.5 billion.
NetApp said in a statement that the acquisition of Data Domain offers a complementary product line suited for multi-vendor environments where customers want to minimize their use of tape for backup.
Data Domain’s deduplication storage systems offer simplified data management and reduced costs for customers by reducing the amount of disk storage needed to retain and protect enterprise data. The company claims that its technology can produce a storage footprint that is 10x-30x smaller, on average, than the original data set.
The $1.5 billion acquisition price includes acquisition of Data Domain shares (NASDAQ:DDUP) at $25, a strong premium over their closing price Wednesday of $17.91 a share.
NetApp
