NETGEAR today announced that it has agreed to purchase privately-held networked storage appliance maker Infrant Technologies.

Under the terms of the agreement, NETGEAR will pay $60 million in cash for Infrant. Infrant shareholders may receive a total additional payout of up to $20 million in cash over the three years following closure of the acquisition if specific revenue targets are reached.

The acquisition is subject to various standard closing conditions and is expected to close in the second quarter. Following completion of the transaction, Infrant's President and Chief Executive Officer Paul Tien will become NETGEAR's Vice President and General Manager for storage products.

Founded in March 2001 and based in Fremont, California, Infrant is dedicated to bringing enterprise-level storage technology to small businesses and professional home users at affordable prices.

Under the terms of the transaction, NETGEAR is acquiring Infrant's 34 full-time employees, including 21 engineering professionals, its pending patents, proprietary technologies, current products and products in development.

Tags: Infrant, NAS, Netgear,

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