EMC Buys Iomega for $213 Million

iOmega

On Tuesday, data storage giant EMC said that it would acquire Iomega for a hefty $213 million.

EMC hopes that this will allow it to expand into the consumer and small business markets. The deal is expected to finish by the end of June, with EMC offering $3.85 per share for Iomega stock.

As part of the deal with EMC, Iomega terminated its plans to acquire its Chinese partner company ExcelStor Great Wall Technology. Iomega had announced plans to acquire the fellow storage company in a bid to make itself a larger concern.

Though, what this ultimately means for the computer world is that Iomega will now be able to get its products into more and more markets, utilizing EMC’s worldwide network of sales channels. The extra exposure might mean that Iomega will roll out newer, shiner, and more useful gadgets in the future. And perhaps slide back into relevancy after all these years.

Once everything is finalized, Iomega will serve as the center of a new division within EMC, serving consumers and small businesses. The division will also handle EMC Retrospect and Lifeline backup software, with Iomega CEO Jonathan Huberman in charge.