EMC closes Legato acquisition

HOPKINTON: EMC Corporation software, networks and services, announced that it has completed the acquisition of Legato Systems Inc, a world-wide leader in software solutions and services for information lifecycle management.

Under the terms of the definitive agreement announced on July 8, 2003, EMC issued approximately 106 million shares of EMC common stock for all outstanding shares of Legato, subject to final tabulation with EMC's exchange agent. EMC will operate Legato Software as a division of EMC with headquarters in Mountain View, California.

"We are thrilled with the speed and efficiency at which we closed this transaction," said EMC’s President and CEO Joe Tucci. "We've spent the last 100 days developing a bullet-proof integration playbook and are prepared and excited to move forward as a combined company. Together, EMC and Legato will maximize the value we bring to the market by providing open, heterogeneous software solutions for solving the information management problems plaguing customers today."

(CNS)