Financial details of the transaction were not disclosed. Closing of the acquisition, which is subject to customary conditions, is expected to occur early in the second quarter of 2009.
Fabrik?s business will continue intact and form the core of Hitachi GST?s newly-formed external storage business. Hitachi GST will fully support the G-Technology and SimpleTech product lines, building upon their success and differentiation in the market. The combined company will also leverage operational, technical and product development resources, distribution channels and global reach to accelerate delivery of a full portfolio of traditional hard drives, solid state drives and branded personal and professional storage products.
"The Fabrik acquisition becomes the cornerstone for the next phase of our business transformation. It strategically expands our market presence, strengthens our product portfolio, and increases our customer base," said Steve Milligan, President of Hitachi GST. "Fabrik is a key component of our growth and profit strategy going forward and will enable us to deliver a differentiated set of products across a broad range of end-user market segments."
As a 20 year storage veteran, Mike Cordano, Fabrik CEO and co-founder, will join Hitachi GST as a key member of the executive management team. Mr. Cordano had previously served as executive vice president of Worldwide Sales and Marketing for Maxtor Corporation. While there, he was instrumental in building the Branded Products Group, which successfully launched the industry?s first "OneTouch" external storage and backup solution.
Fabrik?s storage brands include G-Technology, offering external storage solutions for the Mac, content creation and professional A/V markets; and SimpleTech, a manufacturer of PC-based external storage and backup solutions.