Silicon Motion Technology Corporation announced that it has entered into a definitive agreement to acquire Shannon Systems (Shannon). Under the terms of the agreement, Silicon Motion will acquire Shannon for a total purchase price of $57.5 million, which includes a combination of cash, equity and contingency payments. Upon closing, Dr. Xueshi Yang, Marvell's previous SSD controller architect and a Seagate veteran, will be joining Silicon Motion's executive team to continue spearheading enterprise SSD activities.