SAN FRANCISCO—Enterprise IT hardware, software and services provider EMC Corp. has acquired XtremIO Ltd., a three-year old Israeli startup that develops flash memory technology for storage infrastructure, reportedly for $430 million.
EMC (Hopkinton , Mass.) disclosed the acquisition last week, but would not divulge the financial terms of the deal, other than to say it was an all cash transaction. But Israeli media reports from Israeli business daily Globes and others list the purchase price as $430 million.
EMC said in a statement last week that XtremIO's all-flash, scale-out, enterprise storage architecture was designed to leverage the speed and abilities of flash memory. The firm's technology will complement the range of EMC's flash-based systems and software, the firm said.
"The addition of XtremIO extends EMC's lead in developing and delivering networked storage infrastructures that are dynamically optimized for performance, intelligence and protection for both physical and virtualized cloud environments," EMC said.
XtremIO was founded in 2009 with a mission to leverage advances in non-volatile memory—primarily flash—to bring new capabilities to enterprise storage systems. The company, which has about 50 employees, is based in Herzliya, Israel.