Siris Capital Group Acquires Stratus Technologies

Availability solutions provider Stratus Technologies has been acquired by an affiliate of Siris Capital Group, LLC for $352 million.

The acquisition, which was announced on Monday, will help Stratus Tech to reduce its debt and restructure the company amid some financial woes, according to CRN.

"This is the right deal at the right time for Stratus," said Dave Laurello, president and CEO of Stratus Technologies, in a prepared statement. "It is a clear endorsement of our strategy, our products and our people. Together we will continue to transform Stratus and take our industry-leading technology and solutions to a broader market, including the cloud."

Stratus Tech is mostly known for their popular x86 high-availability servers, which act as a key infrastructure for the cloud. Siris has a long history of investing in data and telecommunications companies such as Stratus, with the company purchasing network products manufacturer TNS in 2012 for $862 million.

"We are impressed by Stratus' 30-year track record of providing always-on capabilities for customers' most mission-critical applications and are excited by the company's strategy for taking this experience into software and the cloud," said Dan Moloney, Siris Capital executive partner. "We look forward to supporting Stratus in providing continued world-class availability solutions and aiding in the expansion of these solutions into the cloud."

The acquisition is set to take effect immediately. Stratus CMO Nigel Dessau told CRN that the deal would have little impact on the company as a whole, serving mostly to help the company get back on its feet amid some tough financial times.