EMC Corporation (NYSE: EMC) has announced it will acquire Seattle-based Pi Corporation. This is a small merger, but this company is one we have actually had under watch as a development stage operation that could have gone public via an IPO down the road.
Pi is a privately-held developer of software and provider of services for personal information management. Pi develops software and online services to enable individuals to control how they find, access, share and protect their increasing volumes of digital information; it owns SmartDesktop. Its products are also in beta as of now. Pi now has roughly 100 engineers located in the U.S., Canada and India.
Pi founder and CEO Paul Maritz, will join EMC’s executive management team as President and GM of the newly formed Cloud Infrastructure and Services Division upon completion of the deal. Financial terms were not disclosed, but the merger is apparently all-cash and will be dilutive by $0.01 to EMC’s 2008 GAAP EPS.
This won’t be as big as Virtualization was, but this is yet another new avenue of products that we’ll all be using in the future.
Jon C. Ogg
February 21, 2008