[Techtaffy Newsdesk]

Cray has signed a definitive agreement to acquire Appro, a privately-held developer of advanced scalable supercomputing solutions, for approximately $25 million in cash, which assumes at least a $3.5 million net working capital balance at closing with no debt.

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.

Upload: 11-19-12