© tilltibet dreamstime.com General | May 28, 2015
EMC to acquire Virtustream
EMC Corporation has entered into a definitive agreement to acquire privately-held Virtustream. When the transaction closes, Virtustream will form EMC’s new managed cloud services business.
The acquisition represents a transformational element of EMC’s strategy to help customers move all applications to cloud-based IT environments. Virtustream CEO Rodney Rogers will report to Joe Tucci, EMC Chairman and CEO. “Virtustream is an exceptional company and this is a critical and transformative acquisition for EMC in one of the industry’s fastest-growing and most important sectors,” said Joe Tucci. “With Virtustream in place, EMC will be uniquely positioned as a single source for our customers’ entire hybrid cloud infrastructure and services needs. We could not be more delighted that Virtustream will be joining the EMC Federation family. It’s a game changer.” The all-cash transaction is expected to close in the third quarter of 2015, subject to customary closing conditions, is valued at approximately USD 1.2 billion, and has been approved by the boards of directors of both EMC and Virtustream and the requisite Virtustream stockholders. “Virtustream has established itself as an industry leader and innovator for running mission-critical enterprise applications in the cloud,” explained Rodney Rogers, Virtustream Chairman and CEO. “We’re proud to be joining the EMC Federation where our combined capabilities, products and services will allow us to accelerate our vision of delivering the platform of record for enterprise systems, and address the complete breadth of cloud computing needs.”