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.
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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.