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EMC Buys Pivotal Labs; Plans To Expand Company

DOW JONES NEWSWIRES EMC Corp. (EMC) said it acquired Pivotal Labs, a privately held software developer, in an all-cash transaction, giving the tech company another tool in its data storage and analysis portfolio. Pivotal, a roughly 23-year-old company based in San Francisco, develops software services and tools for computers and mobile devices. EMC, which sells data-center products for storage and security, said it plans to expand Pivotal, including its project management tool, called Pivotal Tracker, which is already used by more than 240,000 developers. EMC also said it plans to use Pivotal to accelerate its development for tools related to what it called "Big Data", or datasets too large for traditional IT infrastructures. The transaction is not expected to have a material impact to EMC earnings this fiscal year. The acquisition cost wasn't disclosed. The Hopkinton, Mass., company has posted strong results recently as customers seek efficient ways to store and access massive amounts of documents and media. While worries have emerged that macroeconomic conditions are causing softness in tech spending, EMC has largely avoided any slowdown in demand, buoyed by strong traction in its storage portfolio. In January, EMC reported its best-ever fourth quarter and issued an optimistic view for 2012, saying demand for its storage products remains high and IT spending should continue to grow this year. Shares were down 27 cents at $28.73. The stock is up 28% over the past three months amid its improved earnings. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Emc (EMC)
DateTimeHeadline
07/21/201616:16:35Current Report Filing (8-k)
07/20/201603:04:00EMC Shareholders Approve Dell Merger -- WSJ
07/20/201602:35:00RSA Changes the Identity Game: Unveils New RSA SecurID® Suite
07/20/201602:30:00RSA Research Shows 74% of APJ Organizations Face Significant...
07/19/201611:46:00EMC Shareholders Approve Merger With Dell -- Update
07/19/201611:30:00EMC Shareholders Approve Merger with Dell
07/19/201611:17:00EMC Shareholders Approve Merger with Dell
07/19/201610:15:00EMC Shareholders Vote Strongly In Favor Of Merger With Dell
07/19/201603:03:00Will EMC Adopt Dell's Payment Terms? -- WSJ
07/18/201619:55:00EMC Reports Profit Up 19% Ahead of Shareholder Vote on Dell Acquisition...
07/18/201618:15:00EMC Says Acquisition by Dell on Track As Profit Rises 19...
07/18/201617:50:00EMC Says Acquisition by Dell on Track
07/18/201617:47:00EMC Says Acquisition by Dell on Track As Profit Rises 19%
07/18/201617:05:00EMC Suppliers Face Prospect of Lengthy Payment Terms After Sale
07/18/201616:24:00EMC Reports Second-Quarter 2016 Financial Results
07/18/201616:19:32Current Report Filing (8-k)
07/14/201602:10:00Deutsche Bank Shuffles M&A Ranks; Ratigan to Leave
07/13/201609:00:00Molina Healthcare Selects VCE Vblock All-Flash for Rapid Scale...
07/12/201609:00:00RSA® Helps Berkshire Bank Speed and Simplify Compliance Processes...
07/08/201616:01:00EMC to Publish Quarterly Financial Results On July 18

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