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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
07/31/201508:30:00EMC Declares Quarterly Cash Dividend
07/29/201509:35:00Market Movers - Data Storage Devices Stocks -- EMC Corp., NetApp...
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07/22/201509:17:25EMC Posts Profit Decline, Further Cuts Year View -- Update
07/22/201508:40:10EMC Misses Sales Expectations, Further Cuts Year View
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07/22/201506:58:00EMC Announces Second-Quarter 2015 Financial Results
07/22/201506:51:54Current Report Filing (8-k)
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07/21/201519:04:15Correction on VMware's Earnings Story
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07/09/201516:14:04Current Report Filing (8-k)
07/09/201509:30:00EMC Completes Acquisition of Virtustream
07/08/201516:30:00EMC To Announce Second-Quarter Financial Results On July 22
07/07/201522:08:34Correction to EMC to Sell Dropbox Rival Syncplicity Articles
07/07/201521:50:18EMC to Sell Dropbox Rival Syncplicity -- Update
07/07/201514:01:00EMC to Sell Dropbox Rival Syncplicity -- Update

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