IRVINE -- Western Digital is buying server-side flash storage provider Virident Systems for about $685 million to help better address customers' changing storage needs.
Western Digital, a computer hard drive maker, said Monday that the deal will expand its presence in the enterprise solid state drive market. The transaction is also expected to help the privately-held Virident get to market quicker by taking advantage of the strong brand, relationships and global customer reach of HGST, a Western Digital Corp. subsidiary.
Virident CEO Mike Gustafson will become a senior vice president at HGST once the acquisition closes. He will report to HGST President Mike Cordano.
The deal is expected to close in 2013's fourth quarter.
Western Digital shares rose 31 cents to $65.30 in morning trading. They are near the high end of their 52-week range of $32.25 to $70.61.