Hopkinton, - October 21, 2003 -
EMC Corporation, Inc. (NYSE: EMC), the world's leading provider of information storage systems, software, networks and services, today announced it has completed the acquisition of LEGATO Systems, Inc. (NASDAQ: LGTO), a worldwide leader in software solutions and services for information lifecycle management. 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, Calif.
"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 maximize 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 B. 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."
In the days following the announcement of EMC's intent to acquire LEGATO, the two companies assembled a cross-company and cross-functional team of experts and business managers to analyze and plan for every aspect of integrating LEGATO into EMC. Key areas of integration include:
LEGATO stockholders approved the acquisition on October 20, 2003, and the required regulatory approval processes have been completed.
EMC Corporation (NYSE: EMC) is the world leader in information storage systems, software, networks and services, providing automated networked storage solutions to help organizations get the maximum value from their information, at the lowest total cost, across every point in the information lifecycle. Information about EMC's products and services can be found at www.EMC.com.
, a part of , enables organizations to modernize, automate and transform their using industry-leading , servers, and data protection technologies. This provides a trusted foundation for businesses to transform IT, through the creation of a , and transform their business through the creation of cloud-native applications and solutions. Dell EMC services customers across 180 countries – including 98 percent of the Fortune 500 – with the industry’s most comprehensive and innovative portfolio from edge to core to cloud.