Seagate invests $40 million in Virident, forges flash pact
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.
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.