Adaptec acquires Eurologic

US company Adaptec (Nasdaq: ADPT) has reached an agreement to acquire Eurologic Systems for around $30m (€27.7m) in cash.

Irish company Eurologic is a provider of external and networked storage solutions.

Adaptec is a provider of data storage access solutions.

It will incorporate Eurologic into its Storage Solutions Group and assume all customer and supplier agreements and provide service through its worldwide offices.

The CEO of Adaptec said: "Combining Eurologic’s storage systems capabilities with Adaptec’s proven leadership in server storage connectivity and IP storage networking will enable us to provide OEMS and resellers with a single source for complete direct-attached and networked storage solution, including iSCSl targets."

Over the past weeks there have been a number of unconfirmed reports that the acquisition was about to take place.

Eurologic was founded in 1988 by its present CEO John Maybury and others and is based in Clonshaugh, Dublin.

By 2001 the company had grown to be one of the largest indigenous technology companies, employing around 300 people.

The company was seriously affected by the technology downturn and now employs around 150 people.