Cray announced it signed a definitive agreement to acquire Appro International, Inc., a privately-held developer of advanced scalable supercomputing solutions, for approximately $25M 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, or HPC, cluster systems. 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.
- Mergers, Acquisitions & Takeovers