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

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Mergers and acquisitionsbusiness issuesstorageSSDtoshibaDrivesOCZ Technology

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?