EMC Announces Acquisition of CrosStor Software, Inc.
Hopkinton, - Wednesday, November 1, 2000
EMC Corporation (NYSE:EMC), the world leader in information storage, announced today that it has acquired privately held CrosStor Software, Inc. in a pooling-of-interests transaction. EMC issued approximately $300 million in stock at the closing of this transaction in exchange for all of CrosStor's outstanding capital stock. CrosStor is a leader in high-performance software for networked storage systems. The acquisition will enhance EMC's portfolio of networked storage technology and expertise.
Joe Tucci, EMC's President and Chief Operating Officer, said, "The networking of storage is one of today's most important IT trends, one that underlines both the increasingly strategic role of intelligent storage and the peripheralization of traditional general-purpose servers. EMC has led this trend from its outset, and more than 25% of the storage we sell is now connected directly to a network. CrosStor brings EMC some of the world's most advanced software technology for networked storage as well as an impressive and deep team of experienced developers with rich heritage in open systems. We look forward to welcoming CrosStor to the EMC family."About EMC
EMC Corporation is the world leader in information storage systems, software, networks and services, providing the information infrastructure for a connected world. Information about EMC's products and services can be found at http://www.EMC.com