EMC has announced a "definitive agreement" to acquire for approximately $US213 million.
A press release announcing the deal says that "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."
“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," according to Joe Tucci, EMC Chairman, President and CEO." 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. Iomega and EMC represent a powerful combination that ultimately will benefit these customers through the protection, security and simplified management of their rapidly growing information.”
Iomega CEO Jonathan Huberman said that “Today begins an exciting new future for Iomega and our customers. Once the acquisition is final, Iomega will be able to fully leverage EMC’s vast assets to grow our business globally. EMC brings to Iomega a new opportunity for accelerated innovation that will translate into new product capabilities for Iomega’s extensive customer base. Through the renowned Iomega brand; thousands of retail, direct marketing and distribution channel partners; and Iomega’s talented people, EMC will be able to extend its reach into the high-growth consumer and small business market segments.”
Once the acquisition is complete, Iomega will become what the press release says is "the core of EMC’s new Consumer/Small Business Products Division." That division will be led by Huberman and will will also include EMC's Retrospect and LifeLine software.