Menu
Toshiba offers to buy failed SSD maker OCZ

Toshiba offers to buy failed SSD maker OCZ

The supplier of enterprise SSDs is about to file for bankruptcy

Toshiba has offered to buy the assets of OCZ Technology, a solid-state drive manufacturer on the verge of bankruptcy.

The deal would see Toshiba acquire most of the San Jose, California-based company as part of a deal with the local bankruptcy court. Toshiba will only acquire OCZ if it can maintain the value of its business and keep its employees.

OCZ has had problems acquiring flash memory chips for its drives and that has been affecting business.

Revenue in its most recent quarter was US$33.5 million, down from $88.6 million in the same period a year earlier. But despite the sharply lower revenue, its losses fell from $26.1 million from $33.2 million a year earlier.

An acquisition by Toshiba would help solve OCZ's flash chip problem as Toshiba is one of the world's largest manufacturers of flash memory chips.

"The parties have substantially completed negotiations on an asset purchase agreement and OCZ believes all the material terms have been agreed to," OCZ said in a statement.

OCZ said it will file a bankruptcy petition "shortly."

It also said Hercules Technology Growth Capital has taken control of its bank accounts. OCZ has a loan agreement with Hercules but is not in compliance with parts of the agreement.

Martyn Williams covers mobile telecoms, Silicon Valley and general technology breaking news for The IDG News Service. Follow Martyn on Twitter at @martyn_williams. Martyn's e-mail address is martyn_williams@idg.com

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags business issuesSSDOCZ TechnologyDrivesstoragetoshibaMergers and acquisitions

Slideshows

Top 50 defining moments of the New Zealand channel in 2016

Top 50 defining moments of the New Zealand channel in 2016

Reseller News looks back on a tumultuous 12 months for the New Zealand channel, assessing the fallout from a year of sizeable industry change. Whether it be local or global mergers and acquisitions, distribution deals or job changes, the channel that started the year differs somewhat to the one set to finish it - Reseller News assesses the key moments that made 2016.​

Top 50 defining moments of the New Zealand channel in 2016
​Hewlett Packard Enterprise honours high achieving NZ channel

​Hewlett Packard Enterprise honours high achieving NZ channel

Hewlett Packard Enterprise honoured its top performing Kiwi partners at the second running of its HPE Partner Awards in New Zealand, held at a glitzy ceremony in Auckland. Recognising excellence across eight categories - from distributors to resellers - the tech giant celebrated its first year as a standalone company, following its official split from HP in 2015.

​Hewlett Packard Enterprise honours high achieving NZ channel
Nutanix treats channel partners to Christmas cruise

Nutanix treats channel partners to Christmas cruise

Nutanix recently took to the seas for a Christmas Cruise around Sydney Harbour with its Australia and New Zealand staff, customers and partners to celebrate a stellar year for the vendor. With the sun out, they were all smiles and mingled over drinks and food.

Nutanix treats channel partners to Christmas cruise
Show Comments