Adaptec Inc. will change its name to ADPT Corp. as part of the terms of the sale of its data storage hardware and software business to PMC-Sierra Inc. for $34 million in cash.

Late Tuesday, Adaptec said the transaction has closed. PMC-Sierra adopted Adaptec's brand name and as such Adaptec will have to change its name within 90 days.

Shares of Adaptec, based in Milpitas, Calif., were up a penny to $3.04 in afternoon trading.