Seagate invests $40 million in Virident, forges flash pact

Seagate invests $40 million in Virident, forges flash pact

Summary: Seagate gets a board seat and Virident grabs access to the storage giant's channel. Seagate will offer Virident's flash-PCIe storage products.

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Seagate Technology said Monday that it will invest $40 million in Virident in a move that will give it more flash-based storage options.

Under the deal, Seagate gets a board seat and Virident grabs access to the storage giant's channel. Seagate will offer Virident's flash-PCIe storage products.

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Storage players have increasingly been beefing up their flash portfolios and partnerships as solid-state drives gain traction in the data center for so-called "hot" data that needs speed. 

Meanwhile, the two companies will develop solid-state hardware and software products. For Seagate, the Virident deal gives it a larger enterprise storage footprint. Virident gets a well-heeled big brother.

Separately, Seagate reported second quarter earnings of $492 million, or $1.30 a share, on revenue of $3.7 billion. Seagate had already outlined its second quarter results. Non-GAAP earnings in the quarter were $1.38 a share.

Seagate said it shipped 58 million units.

More: Duopolies work: Western Digital's Q2 strong

Topics: Storage, Data Centers

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