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late Tuesday said that it agreed to acquire

SilverStorm Technologies

for $60 million in cash.

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The acquisition by QLogic of the maker of products for cluster and grid computing networks has been approved by the board of directors of both companies.

"The acquisition of SilverStorm builds on our portfolio of InfiniBand connectivity technology, which will provide our customers with a leading-edge, end-to-end" product, said QLogic CEO H.K. Desai.

According to QLogic's current projections, the SilverStorm buy is expected to be neutral to its non-GAAP, per-share earnings for fiscal year 2007.

QLogic will give additional details about the acquisition in its second-quarter earnings conference on Oct. 24.

Shares of QLogic recently added a penny after hours to $19.01.