Quantum, a firm that specializes in data-storage technologies, has announced that it will purchase Advanced Digital Information, a producer of tape-storage systems and technologies, for $770 million, The Wall Street Journal reports.Advanced Digital’s shareholders will get $12.25 in cash, or the option to take 3.461 shares of Qualcomm stock, in exchange for each of their shares, according to the Journal. A maximum of 10 percent of the total merger purchase price will be paid in stock, the Journal reports.Because the two companies operate similar businesses, Quantum expects savings to come in the form of manufacturing process improvements, a decrease in the cost of duplicative operating functions, and the shared costs of research and development, the Journal reports.Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content opinion Can you spot the hidden theme of CSO’s Future of Cybersecurity summit? By Beth Kormanik May 31, 2023 2 mins Events Cybercrime Artificial Intelligence case study How IT leaders use EV tech to fuel the transport revolution in Kenya Many African nations are starting to invest in electric vehicle (EV) transportation as a means to broaden access and help keep pace with global environmental initiatives. In Kenya, strides are being made despite industry and tech leaders grappling to By Vincent Matinde May 31, 2023 5 mins CIO CTO Emerging Technology feature How CIOs distill the most sought-after data skills From back-end engineers to data scientists and line-of-business experts, here’s the in-demand talent that all organizations need to turn a glut of information into game-changing insight. By Mark Samuels May 31, 2023 8 mins IT Skills Data Center IT Leadership interview Broadcom’s Andy Nallappan on what cloud success really looks like The CTO, CSO, and head of software engineering and operations knows firsthand that a successful move to the cloud is all about changing the culture and replacing on-prem’s sunk cost mentality with incentivized FinOps. By Martha Heller May 31, 2023 8 mins Technology Industry IT Strategy Cloud Computing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe