symbol

Israel Trade & Economic Office, Embassy of Israel

Official Blog Network

EMC buys XtremIO for $430m

After several months of intensive talks, EMC Corporation is acquiring Israeli storage systems company XtremIO for $430 million, Globes reported.

The exit is an exceptional success for Israel’s venture capital industry. The company was founded in 2009 and has raised only $25 million to date in two financing rounds. XtremIO was founded by a group of Israeli high tech veterans including Aryeh Margi, a co-founder of M-Systems; Shuki Bruck, Yaron Segev, and CEO Ehud Rokach, a former senior executive at Orckit and CEO Corrigent.

XtremIO is EMC‘s sixth acquisition in Israel and by far the largest. EMC operates an Israel R&D center with 700-800 employees. Senior executives from EMC have been in Israel in recent months and have been holding acquisition talks with XtremIO. EMC EMC Joseph Tucci was in Israel in December and since then at least two senior executives have visited VMware – chief technology officer and senior VP Dr. Stephen Herrod and VP finance David Golden.

For the full Globes article click here.