EMC to aqcuire Virtustream for $1.2 billion
EMC Corporation has announced the acquisition of cloud software provider Virtustream, which, upon the deal's closing, will become a separate EMC Federation business responsible for EMC's managed cloud services.
The acquisition, which has Virtustream CEO Rodney Rogers reporting to EMC Chairman and CEO Joe Tucci, will let EMC customers to move their entire application portfolio into the cloud, according to a release.
Virtustream's cloud software and Infrastructure-as-a-Service portfolio will be delivered through partners and directly to customers. EMC Federation service provider partners will have access to the xStream cloud management software platform and will be able to adopt and deliver their versions based on the system.
The transaction, valued at approximately $1.2 billion, is set to close at the end of third quarter 2015.