IPO Profile

Xyratex Ltd
Langstone Road, Havant PO9 1SA, United Kingdom
Tel: 011-44-2392-496000
Web: www.xyratex.com
Ticker: XRTX
Stock Exchange: Nasdaq
Shares Issued: 6,956,522.00
Price Offered: $14.00
Amount Raised: $128,000,000.00

Underwriters:
CS First Boston
Citigroup Global Markets
Banc of America Securities
RBC Capital Markets


Company Description:
We are a leading provider of modular enterprise-class data storage subsystems and storage process technology. We design, develop and manufacture enabling technology that provides our customers with data storage products to support high-performance storage and data communication networks. We operate in two business segments: Storage and Network Systems and Storage Infrastructure. We sell our Storage and Network Systems products exclusively to original equipment manufacturers, or OEMs, and our Storage Infrastructure products directly to disk drive manufacturers. We form long-term, strategic relationships with our customers, which include Network Appliance, Seagate Technology and Western Digital. These three customers comprised our top three customers in our 2003 fiscal year and accounted for approximately 78% of our revenue in that year. In our 2003 fiscal year our single largest customer accounted for 45% of our revenues. For a discussion of the percentage of revenues attributable to certain of our largest customers, please see "Risk Factors�Sales to a small number of customers represent a substantial portion of our revenues" and "Business�Customers". Our storage subsystems and test equipment products enable our customers to improve asset utilization, reduce capital costs and better focus on their value-added objectives. We have manufacturing, research and development and sales operations in the United States, Asia and Europe.