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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters NetApp buying Data Domain Wed May 20, 2009 7:24pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Ritsuko Ando NEW YORK (Reuters) - Data storage equipment maker NetApp Inc (NTAP.O) said it will buy another storage-related firm, Data Domain (DDUP.O), for $1.5 billion, even as it reported a decline in quarterly profit and avoided giving an outlook due to the weak economy. The Sunnyvale, California-based company said its planned acquisition of Data Domain for $25 per share in cash and stock would help NetApp's distribution and international reach. Analysts said the move made sense for NetApp, and was timed well as valuations have fallen sharply in the past year. "Had they picked it up a year back, they would have had to pay more than 30 bucks," said ThinkEquity analyst Rajesh Ghai. MKM Partners analyst Richard Sherman said the deal would also help Data Domain -- whose shares shot up 34.0 percent in after-hours trade to $24.00 -- compete more effectively against its key rival EMC (EMC.N). "The smaller vendors like Data Domain are trying to execute against a pretty stiff headwind right now with firms like EMC out there in the marketplace exerting extensive amounts of account control," Sherman said. Data storage has become an increasingly hot area as increasing use of the Internet has forced companies to look for more efficient ways to store data. Data Domain specializes in technology that allows customers to get rid of duplication, or redundant data, and free up space in their computers -- a technology that NetApp Chief Executive Dan Warmenhoven said would complement its own product lineup. "This acquisition is a growth opportunity for both companies," he told analysts on a conference call, adding that he expects the move to help them acquire new customers and expand market share. NetApp also said it expects the deal to close in 60 to 120 days and contribute to earnings within a year. VALUATION Data Domain's CEO recently said the company plans to achieve $1 billion in annual revenue in about 3 years, compared with last year's $274 million. For 2009, it has forecast $365 million to $385 million in revenue. Shares of NetApp, which had closed down 4 percent, fell a further 1.3 percent to $17.11 in extended trading. NetApp also announced that revenue for the quarter ended April 24 fell to $880 million from $938 million a year ago. That was, however, better than the average analyst estimate of $856 million, according to Reuters Estimates. Net profit for its fiscal fourth quarter ended April 24 fell to $75 million, or 23 cents per share, from $90 million, or 26 cents, a year earlier. Earnings excluding items fell to 31 cents from 38 cents, the company said. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Microsoft may unveil new search engine next week: report Reuters Global Technology Summit Who will come out on top? Technology companies are drawing attention from investors and consumers alike as everyone tries to predict the market bottom and what new inventions might drive a recovery. 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