February 22, 2008 -- (WEB HOST INDUSTRY REVIEW) -- Computer storage hardware provider EMC (emc.com) announced on Friday it has signed a definitive agreement to acquire software company Pi. With approximately 100 engineers located in the US, Canada and India, Pi develops software and online services to enable individuals to control how they find, access, share and protect their increasing volumes 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," says Joe Tucci, EMC president, chairman and CEO. "Pi's technology is very complementary to our emerging cloud infrastructure strategy. Paul Maritz and his team will provide invaluable vision and leadership as we position EMC at the leading edge of cloud computing and personal information management."
Once the acquisition is completed, Pi founder and CEO Paul Maritz will join EMC's executive management team as president and GM of the newly formed cloud infrastructure and services division. He will report to Tucci, directly overseeing development and operations for Pi, as well as other key aspects of EMC's cloud computing strategy.
Operating as an independent subsidiary of EMC, Pi will continue expanding operations in its Seattle, Washington headquarters and other offices in Montreal, Canada, and Bangalore, India. The all-cash transaction is expected to be completed in the first quarter of 2008. EMC says it expects the acquisition will be dilutive by $.01 per diluted share in 2008.
