Brocade completes Rhapsody acquisition

Tuesday, 28 January 2003, 08:00 Hrs
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SAN JOSE: Brocade Communications Systems Inc. (Nasdaq:BRCD), a leading provider of infrastructure solutions for Storage Area Networks (SANs), announced today the completion of the acquisition of Rhapsody Networks, a provider of next-generation intelligent switching platforms.

Under the terms of the acquisition agreement, Brocade has acquired all outstanding shares of Rhapsody in exchange for 20.5 million shares of Brocade common stock. In addition, Brocade will issue an additional 2.9 million shares of common stock if the Rhapsody business successfully completes specified product development milestones by November 30, 2003. Brocade will record a one-time charge associated with the acquisition in the second quarter of fiscal 2003.

With the completion of the acquisition, Brocade intends to deliver, later in the year, the industry's first intelligent Fabric Application Platform. The new offering, the Brocade SilkWorm® Fabric Application Platform, will include a new family of intelligent fabric application switches that will be fully interoperable with the existing SilkWorm fabric switch product family. Fabric applications are software applications that are designed to greatly improve the performance, utilization, and scalability of storage networks by virtue of being coded directly into the connecting fabric of the storage network.

By adding a new fabric application switch to an existing Brocade fabric, Brocade customers will gain all the benefits of the fabric applications, while maintaining their investment in Brocade SAN infrastructure. Brocade OEM and application partners will deliver these fabric applications, the first examples of which are expected to be fabric-based volume management, fabric-based data replication, and fabric-based data management.
Source: IANS
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