LSI Logic Corp. plans to buy Irvine-based StoreAge Networking Technologies Ltd. for $55 million, according to an Israeli news source.
Milpitas-based chipmaker LSI is slated to finalize the deal to buy data storage company StoreAge “in the coming weeks,” according to an Oct. 16 story by Globes, an online Israeli news source.
StoreAge’s research and development operations are in Nesher, Israel.
StoreAge, founded in 1999, has raised $34 million in funding, and investors will double their investments with the deal’s closing, Globes said.
StoreAge develops hardware and software that enable companies to access and boost storage capacity on large networks.
