EMC nets 12th acquisition
EMC Corp. in Hopkinton today announced it has agreed to acquire a privately-held, CA-based provider of data backup software. The acquisition is the company's twelfth in 2006, adding to the $2.8 billion already invested in acquisitions this year.
The cash transaction is valued at $165 million, and is expected to be completed in 30 days. The acquisition is not anticipated to have an impact on EMC's revenue or EPS for 2006.
Avamar was the winner of this year's Storage magazine's "Product of the Year" award for having the best backup and recovery software. The company specializes in disk-based backup and recovery, moving away from standard tape-based systems.
Upon completion of the transaction, Avamar will be integrated into EMC's Storage Product Operations group, and Avamar CEO Ed Walsh will report to Mark Sorenson, EMC's senior vice president of Information Management Software.
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