NetApp has agreed to acquire LSI Corporation’s external storage systems business for $480 million in cash. 
The business develops and delivers Engenio external storage systems products and technology to a wide range of partners that provide storage solutions to end customers. It generated revenues of $705 million in 2010.
The LSI RAID adapter business, which develops LSI MegaRAID and 3ware storage controllers and software for direct-attached storage environments, will remain with LSI.
“NetApp will build upon the success of the Engenio storage platform and OEM business model to expand our total addressable market and extend our market reach,” said Tom Georgens, NetApp president and CEO. “We’re excited about the talented team that will join NetApp and the valuable OEM partner relationships we’re committed to supporting and making successful.”http://www.netapp.com
