updated 04:20 pm EST, Wed January 22, 2014
Toshiba owed the most money by defunct company, terms of deal not revealed
Toshiba has completed the process to purchase the assets of PC hardware developer OCZ. The SSD maker declared bankruptcy in the beginning of December, with Toshiba having announced its intention to purchase the troubled manufacturer nearly simultaneously. Terms of the deal were not announced.
The acquisition provides Toshiba with OCZ's enterprise and client SSD businesses, and enables the established OCZ brand to continue with a current product portfolio that includes SATA and PCIe consumer drives, as well as SATA, SAS and PCIe enterprise drives supported by virtualization, cache and acceleration software. OCZ Storage Solutions will continue to use Toshiba's NAND, and combine it with the OCZ's proprietary controllers, firmware and software.
As a Toshiba Group Company, OCZ Storage Solutions will continue to maintain its established worldwide sales channels. The new company's headquarters will remain in San Jose, California, with strategic design centers located in Irvine, CA; Tel Aviv, Israel; and Abingdon, UK.
2013 saw OCZ's revenue fall steeply from $88.6 million in the second fiscal quarter of 2012 to $33.5 million in the second fiscal quarter of 2013, while financial losses increased. The company took a loan from Hercules Technology Growth Capital at 15 percent early in 2013, and failed to pay for several months, leading to asset seizure and bankruptcy.