The addition of Iomega's products, brand name, route to market and industry expertise will enhance EMC's reach and focus in the rapidly growing consumer and small business markets, said EMC.
EMC said the acquisition was expected to be completed in the second quarter.
Joe Tucci, EMC's CEO, said, "Iomega will play a key role in EMC's strategy to expand our information storage and management capabilities deeper into the high-growth consumer and small business markets.
"In addition to industry-leading products and a household consumer brand, Iomega brings to EMC a deep knowledge of and established business practices for servicing consumers and small businesses."
Upon completion of the acquisition, Iomega will serve as the core of EMC's new Consumer/Small Business Products Division.