Israeli start-up XtremIO acquired for $430 million
EMC Corp. acquired the Israeli storage systems start-up company XtremIO for more than $430 million.
The sale completed last week is EMC’s sixth and largest acquisition in Israel. Senior executives from EMC had been in Israel in recent months holding acquisition talks with XtremIO, the Israeli daily Globes reported.
Xtremlo, which has offices in Herzliya and San Jose, Calif., was founded in 2009 by a group of Israeli high-tech veterans. It has raised $25 million in two venture capital financing rounds.
“This is an inspiring event, as it shows once again that Israel has the skill set and drive to create exceptional cutting-edge companies,” Erel Margalit, founder and chairman of Jerusalem Venture Partners, which owns up to 30 percent of XtremIO, told JTA in an e-mail.
EMC also operates an Israel R&D center with 700 to 800 employees, according to Globes.