The year-end earnings of U.S. tech firm NetApp Inc. – which acquired Vancouver's Bycast Inc. last April – has beat street estimates and improved its outlook for the coming fiscal year.
The Sunnyvale, California tech company (Nasdaq: NTAP) grew revenue 15% to US$3.93 billion. Net income skyrocketed 619% to US$400.4 million.
The company made headlines in April when Business in Vancouver reported it completed an all-cash deal to buy Vancouver-based software company Bycast Inc. for an undisclosed amount.
Bycast had been considered a rising star since it was founded in 2000. It consistently ranked on Ready to Rocket lists which Vancouver consulting company Rocket Builders produces annually to highlight up-and-coming tech ventures.
Bycast develops software to help clients manage globally-distributed repositories of images, video and records.
NetApp claimed at the time that the Bycast acquisition would help it consolidate its leadership position in niche areas within the data storage tech sector.
NetApp Inc. shares price range during the past week: US$32.40 and US$33.55; 52-week high: US$36.49; 52-week low: US$17.86.