Cray – CRAY – To Acquire Appro International
Global supercomputer leader Cray Inc. (NASDAQ: CRAY) announced it signed a definitive agreement to acquire Appro International, Inc., a privately-held developer of advanced scalable supercomputing solutions, for approximately $25 million in cash, which assumes at least a $3.5 million net working capital balance at closing with no debt. Currently the #3 provider on the Top100 supercomputer list, Appro builds some of the world’s most advanced high performance computing (HPC) cluster systems.
“Cray has always been a company with a singular focus on the high performance computing market, and with this acquisition, we have strengthened that commitment and will now be positioned to expand our portfolio of highly innovative supercomputing solutions,” said Peter Ungaro, president and CEO of Cray. “Appro is one of the market leaders in HPC cluster solutions, and this acquisition is another step forward as we continue to transform Cray into a company that provides world-class offerings to customers across all segments of the supercomputing market, including Big Data. I look forward to welcoming all our new Cray colleagues in this exciting moment for our company — positioning us well for accelerated growth into the future.”
CRAY – Highlights of the transaction include:
- Upon closing, Appro will become Cray’s newly-formed Cluster Solutions business, led by Daniel Kim, current CEO of Appro;
- After the completion of the transaction, Cray expects to add approximately 90 Appro employees;
- Cray will sell Appro’s HPC cluster products under the Cray brand;
- The transaction is expected to close relatively soon, possibly within the next few days or weeks, subject to customary closing conditions.
“We are excited to be joining a company like Cray that is an industry leader in designing and building the most advanced supercomputing systems in the world,” said Daniel Kim, CEO of Appro. “Cray has the strongest brand in the supercomputing market, and this deal allows Appro to bring our cluster solutions to customers around the world with enhanced service, storage and Big Data capabilities.”
About Appro
Appro is a leading developer of innovative supercomputing solutions. Appro is uniquely positioned to support High-Performance Computing (HPC) markets focusing on medium to large-scale deployments where lower total cost of ownership is essential.
About Cray Inc. – CRAY
As a global leader in supercomputing, Cray (CRAY) provides highly advanced supercomputers and world-class services and support to government, industry and academia. Cray technology is designed to enable scientists and engineers to achieve remarkable breakthroughs by accelerating performance, improving efficiency and extending the capabilities of their most demanding applications. Cray’s Adaptive Supercomputing vision is focused on delivering innovative next-generation products that integrate diverse processing technologies into a unified architecture, allowing customers to surpass today’s limitations and meeting the market’s continued demand for realized performance.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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