If all goes as planned, OCZ Technology Group Inc.’s (Nasdaq: OCZ) Israeli development center will become Toshiba Corporation‘s (TSE: 6502; LSE: NOS) first development center in this country in January 2014.
The center is the result of OCZ’s acquisition of Sanrad in early 2012 from RAD Group, owned by the Zisapel brothers, for $15 million. OCZ, once a major storage products developer, with a market cap of $400 million and $350 million in turnover, went bankrupt, and sold its client and enterprise solid state drive business to Toshiba for $35 million
OCZ Israel CEO Oded Ilan, who formerly ran Sanrad, is optimistic about the change in ownership to Toshiba. “The acquisition will be good for our activity in Israel, ” he says. “Toshiba is a company with deep pockets, and there will be many possibilities.”
SanRad’s business, which contributed to Toshiba’s acquisition, is software to improve the performance of enterprise storage systems, one of the hottest fields in computers today. Israel has numerous companies in this field, with several being acquired, including the acquisition of XtremIO and ScaleIO by EMC Corporation (NYSE: EMC) in the past two years.
Published by www.globes-online.com