Thursday, January 28, 2010

Dot Hill Completes Cloverleaf Acquisition

Carlsbad-based Dot Hill Systems said today that it has completed its acquisition of Cloverleaf Communications, a developer of storage virtualization and management software. The deal was worth a total of $11.9M in a combination of cash and stock, and was originally announced on January 5th. cloverleaf is based in Israel. Dot Hill said it expects the buy to help it expand beyond the storage array market, into the higher margin storage software market. In the firm's 8-K filing describing the transaction, Dot Hill said the purchase price was reduced from earlier amounts due to negative net book value of Cloverleaf's balance sheet.

---