EMC To Acquire Seattle's Pi Corp.
Hopkinton giant hopes to get into ‘cloud computing’
Data storage vendor EMC Corp. has agreed to acquire Pi Corp., a privately held developer of software and services to help individuals sort through and share increasing volumes of data.
Hopkinton-based EMC hopes the deal will expand its presence in the emerging field of “cloud computing,” a term for technology that allows computers to work across large pools of shared systems, rather than on local machines or remote server farms.
EMC did not disclose how much it paid in its all-cash transaction for Seattle-based Pi.
The four-year-old firm and its staff of about 100 engineers will operate as an independent EMC subsidiary, and continue expanding in its Seattle headquarters, and offices in Montreal, Canada, and Bangalore, India, the companies said.
Pi is testing its first products to help organize the growing flow of digital information.
“As the leading provider of information infrastructure, we are positioned to set a new standard for organizing, accessing and deriving value from this information,” said Joe Tucci, EMC’s president, chairman and chief executive.
“Pi’s technology is very complementary to our emerging cloud infrastructure strategy.”
Once the transaction is completed by the end of next month, Pi’s founder and chief executive, Paul Maritz, will become president and general manager of EMC’s newly formed Cloud Infrastructure and Services Division.
Maritz spent 14 years with Microsoft Corp. and served as a member of Microsoft’s executive committee before founding Pi.
EMC said the transaction is expected to shave about a penny per share from its earnings this year.
The company announced the deal after its shares closed down a penny, at $15.42. For the most recent fiscal year, EMC reported $11.2 billion in revenues. (AP)
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