On August 16, 2012, IBM announced that it has entered into an agreement to acquire privately held Texas Memory Systems (TMS), a Houston, Texas-based leading developer of high-performance flash memory solutions. Financial terms were not disclosed. Cravath represented IBM in this transaction, which is expected to close later in 2012.
Founded in 1978, TMS designs and sells high-performance solid state storage solutions. Unlike hard disk drives, solid state systems are high-speed data storage solutions based on Flash or RAM memory that can provide significantly faster throughput and data access while consuming less power. Following the close of the acquisition, IBM plans to invest in and support the TMS product portfolio, and will look to integrate TMS technologies over time in a variety of solutions including storage, servers, software and PureSystems offerings.
The Cravath team included partner George F. Schoen and associates Stephanie L. Alexis and Bud W. Jerke on corporate matters; partner Jennifer S. Conway and associates Jarrett R. Hoffman and Michelle M. Garrett on executive compensation and benefits matters; partner Andrew W. Needham and associates J. Leonard Teti II and Matthew O. Williams on tax matters; practice area attorney Gary R. Eisenman on real estate matters; and partner Matthew Morreale on environmental matters. Summer associates Christopher Adams and John Love also worked on corporate matters and summer associates Michael Lucien and Julia Onorato also worked on executive compensation and benefits matters.