A California-based technology holding company agreed Wednesday to buy Stratus Technologies, a Maynard-based computing firm, for $225 million.
Stratus, founded in 1980 as Stratus Computer, is known for building crash-resistant computer servers and software. Smart Global Holdings plans to incorporate Stratus into its existing computing and edge business unit, where it is expected to add more than $80 million in recurring revenue.
Dave Laurello, president and chief executive of Stratus, said in a statement that the deal will allow Stratus to expand its customer base, which according to a press release, includes more than half of the largest public and privately held companies in the United States.
Stratus was previously owned by Siris Capital Group, a New York private equity firm. Siris bought Stratus in 2014 in a deal valued at more than $350 million. The company has about 500 employees globally, including about 160 based in Massachusetts.
SGH plans to keep Stratus’s trademarks and allow the company to maintain its organizational structure. Laurello will continue to lead Stratus and will report to SGH chief executive Mark Adams. There are no plans for layoffs or corporate restructuring at Stratus.
As part of the acquisition, which is expected to close during the second half of the year, Stratus could receive an additional $50 million based on an undisclosed profit goal for its first fiscal year.
Stratus will join SGH’s fastest-growing business unit, which generated $345 million in revenue last year, up 30 percent from the year prior.
SGH employs about 3,900 people globally, according to its latest annual report.
Anissa Gardizy can be reached at firstname.lastname@example.org. Follow her on Twitter @anissagardizy8 and on Instagram @anissagardizy.journalism.