EMC completes acquisition of Legato Systems

EMC Corporation has completed the acquisition of LEGATO Systems. Under the terms of the definitive agreement announced on July 8th, 2003, EMC issued approximately 106 million shares of EMC common stock for all outstanding shares of LEGATO Systems, Inc., subject to final tabulation with EMC's exchange agent.

EMC will operate LEGATO Software as a division of EMC with headquarters in Mountain View, California.

"We are thrilled with the speed and efficiency at which we closed this transaction," said Joe Tucci, EMC's president and CEO. "We've spent the last 100 days developing a bullet-proof integration playbook and are prepared and excited to move forward as a combined company. The synergies between EMC and LEGATO's products, distribution, people and culture have accelerated our ability to create the ultimate information lifecycle management company. Together, EMC and LEGATO will maximise the value we bring to the market by providing open, heterogeneous software solutions for solving the information management problems plaguing customers today."

The LEGATO Software division of EMC is led by David Wright, LEGATO's former CEO. Wright reports to Joe Tucci as an executive vice president of EMC and president of the LEGATO Software division. Wright said, "I am delighted to join the EMC management team. Throughout the integration process we have been working closely together to ensure that EMC and LEGATO customers, partners, products, and people benefit from this union. I have enormous confidence in our ability to achieve our goals and deliver increased value to customers."

•Date: 22nd October 2003 •Region: N.America/World•Type: Article •Topic: BC markets
Rate this article or make a comment - click here