OCZ will now be called OCZ Storage Solutions.
On Tuesday, Toshiba Corporation announced that it has completed the acquisition of OCZ Technology's assets and will make the SSD maker a wholly owned subsidiary. Effective immediately, OCZ will operate independently as OCZ Storage Solutions, providing Toshiba with its enterprise and client SSD businesses.
According to Toshiba, making OCZ a subsidiary means that the established brand will continue in full force with a current portfolio. The deal also means OCZ will take advantage of Toshiba's NAND and combine it with OCZ's proprietary controllers, firmware and software for client and enterprise-based solutions.
"The acquisition of OCZ further expands our solid-state storage capabilities and represents Toshiba's commitment to this high-growth area," said Mr. Seiichi Mori, Vice President of Toshiba's Semiconductor and Storage Company and Corporate Vice President of Toshiba. "Our goal is to offer a leading edge portfolio of solid state solutions to address the storage challenges faced by both client and enterprise customers, and the acquisition of OCZ is an ideal addition to our team in realizing this strategy."
The acquisition deal was first made known back on December 2. The transaction would be completed through a sale and auction process pursuant to Section 363 of the U.S. Bankruptcy Code. The announcement arrived after OCZ said that it had defaulted on a loan agreement after it was unable to land enough NAND to ship its SSDs.
OCZ's revenue had fallen to $33.5 million USD in its most recent quarter, down from $88.6 million USD in the same quarter one year earlier. Yet somehow the company managed to reduce its losses, shrinking down to $26.1 million from $33.2 million seen in the same quarter last year.
"We are very excited to be part of the Toshiba family where we will continue to develop new and unique solid-state storage technologies that position the new entity as a market leader," said Ralph Schmitt, CEO for OCZ Storage Solutions.
Toshiba's announcement said that OCZ Storage Solutions will remain in San Jose, California, with strategic design centers located in Irvine (California), Tel Aviv (Israel), and Abingdon (UK). The financial details of the acquisition were not provided.