Gains Technology Critical to CSP's Latest Generation MultiComputer Products and Strong Base of New Commercial Customers
Company Also Retains Key Myricom Personnel and Acquires Inventory for Current MultiComputers
BILLERICA, Mass., Nov. 6, 2013 (GLOBE NEWSWIRE) -- CSP Inc. (Nasdaq:CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, today announced that it has acquired the assets of Myricom, a pioneer in high-performance computing interconnect technology. The acquisition is expected to be immediately accretive, and Myricom will become a part of CSP, Inc.'s MultiComputer Division. Terms of the transaction were not disclosed.
Through this acquisition, CSP has acquired interconnect technology critical to its latest generation MultiComputer products as well as a strong base of new customers in commercial growth markets. CSP will now be able to offer Myricom's Myri-10G family of high-performance 10 Gigabit Ethernet adapters and associated Network Adapter software, and has acquired inventory for use in the latest generation CSPI MultiComputers. CSP also has retained key Myricom technical personnel who will be working on the next-generation interconnect technology.
Myricom has been a key supplier to the CSPI MultiComputer Division for more than 15 years. Its interconnect technology is an important component of the latest generation multicomputer products that CSP currently supplies to its customers used in programs such as the E-2D. Myri-10G is a family of high performance 10 Gigabit Ethernet adapters for Linux, Windows, Mac OS X and VMware ESX.
"The acquisition of Myricom enables us to continue to support our multicomputer customers for the long term, and provides us with important intellectual property and a strong base of new customers," said CSP, Inc. President and CEO Victor Dellovo. "We look forward to selling the Myri-10G product line to an existing base of customers, including those in the cyber security, data center and high-frequency trading markets. As we introduce the next generation of the product, we expect to broaden this base, providing even greater opportunities for the MultiComputer business in commercial markets. The acquisition is in line with our strategy to increase the synergies between our MultiComputer and MODCOMP businesses, and should enable the two engineering departments to introduce products to market faster."
The Company wishes to take advantage of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, benefits of the Myricom acquisition, including accretion projections. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission.
About CSP Inc.
Based in Billerica, Massachusetts and founded in 1968, CSP Inc. and its subsidiaries develop and market IT integration solutions and high-performance computer systems to meet the diverse requirements of our industrial, commercial, and defense customers worldwide. CSP's Systems segment includes the MultiComputer Division, which designs and manufactures commercial high-performance computer signal processing systems for a variety of complex real time applications in defense and commercial markets. The Company's MODCOMP Inc. subsidiary, also part of its Service and Systems Integration segment was founded in 1970, and has offices in the U.S., U.K. and Germany. Modcomp provides solutions and services for complex IT environments including storage and servers, unified communications solutions, IT security solutions and consulting services. More information about CSP is available on the company's website at www.cspi.com. To learn more about MODCOMP, Inc., consult www.modcomp.com.
CONTACT: Gary Levine Chief Financial Officer CSP Inc. Tel: 978.663.7598 ext. 1200 Fax: 978.663.0150