EMC Corp, the biggest maker of corporate data storage equipment, has announced the signing of a definitive agreement to acquire Isilon Systems Inc – who sells clustered storage systems and software for digital content and other unstructured data – for US$2.25bn.
The deal was announced today on the Isilon website and says that under the terms of the agreement, EMC will pay US$33.85 per share in cash in exchange for each share of Isilon for an aggregate purchase price of US$2.25bn.
Unanimous approval
The boards of both companies have unanimously approved the terms of the contract.
“The unmistakable waves of cloud computing and ‘big data’ are upon us. Customers are looking for new ways to store, protect, secure and add intelligence to the vast amounts of information they will accumulate over the next decade,” said Joe Tucci, chairman and CEO, EMC Corporation.
“EMC, in combination with Isilon, sits at the intersection of these trends with leading products, solutions and services to help customers get the absolute most out of what cloud computing has to offer”, he added.
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