EMC on Tuesday announced that it will acquire storage peripheral maker Iomega in a deal valued at US$213 million, or about $3.85 per share for Iomega's stockholders. The deal is expected to be complete by the end of the second calendar quarter of 2008.
EMC bills itself as a provider of "information infrastructure" products. The company offers both hardware and software to help businesses manage information. EMC-owned brands include Retrospect, the networking backup and archive software originally developed by Dantz.
Iomega's products include data storage peripherals, Network Attached Storage (NAS) systems, Zip drives, REV hard drives, managed security services and data recovery services.
EMC Chairman, President and CEO Joe Tucci said in a statement that his company's acquisition of Iomega will be a key part of its strategy to expand into the consumer and small business markets.
"Iomega and EMC represent a powerful combination that ultimately will benefit these customers through the protection, security and simplified management of their rapidly growing information," said Tucci.
Iomega's acquisition will create a new Consumer/Small Business Products division within EMC to be led by Iomega's current CEO, Jonathan Huberman. That division will also include Retrospect and LifeLink software.
This story, "EMC to Acquire Iomega" was originally published by Macworld.