HOPKINTON, Mass. - February 21, 2008 -
HOPKINTON, Mass., and SEATTLE, Wash. – Feb. 21, 2008 – EMC Corporation, the world leader in information infrastructure solutions, today announced it has signed a definitive agreement to acquire Seattle-based Pi Corporation, a privately-held developer of software and provider of services for personal information management. With approximately 100 engineers located in the U.S., Canada and India, Pi develops software and online services to enable individuals to control how they find, access, share and protect their increasing volumes of digital information. Pi is in the process of beta testing its first products.
Joe Tucci, EMC President, Chairman and CEO, said, “The proliferation of information in the hands of consumers, businesses and organizations of all sizes has brought about massive digital information growth on a scale never imagined. As the leading provider of information infrastructure, we are positioned to set a new standard for organizing, accessing and deriving value from this information. Pi’s technology is very complementary to our emerging cloud infrastructure strategy. Paul Maritz and his team will provide invaluable vision and leadership as we position EMC at the leading edge of cloud computing and personal information management.”
Upon completion of the acquisition, Pi founder and CEO Paul Maritz, will join EMC’s executive management team as President and General Manager of the newly formed Cloud Infrastructure and Services Division. Reporting to Joe Tucci, Maritz will continue to directly oversee development and operations for Pi, along with other key elements of EMC’s cloud computing strategy, which include the EMC Fortress SaaS infrastructure, the Mozy online backup service and other upcoming EMC cloud infrastructure systems and software offerings under development. Pi will operate as an independent subsidiary of EMC and will continue expanding operations in its Seattle headquarters and other offices in Montreal, Canada, and Bangalore, India. Prior to founding Pi, Maritz spent 14 years working at Microsoft where he had broad development and marketing responsibilities and was a member of the Executive Committee that managed the overall company.
Maritz said, “By uniting the Pi team with a global technology leader like EMC, we’ll be ideally positioned to realize our vision of allowing consumers and corporate information workers to create, repurpose, store, share and access personal information in novel ways, taking advantage of the ubiquity of computing power and a new interconnected world.”
The acquisition of Pi will be an all-cash transaction and is expected to be completed in the first quarter of 2008. On a GAAP basis, EMC currently expects the acquisition of Pi will be dilutive by $.01 per diluted share in 2008. No further details of the transaction are being disclosed.
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