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Several shareholders aim to block EMC's planned acquisition of the storage management software company. Industry watchers are puzzled but say few mergers go unchallenged.
Legato Systems, which makes storage software for data backup and other operations, has signed an agreement to acquire OTG Software for about $403 million, the companies said Thursday. OTG's software "virtualizes" storage systems, shielding users from having to know precisely which hardware is storing their data and making it easier for administrators to reconfigure storage systems. Under the deal, OTG shareholders will receive 0.6876 shares of Legato stock for each OTG share, and OTG shareholders will own about 21 percent of the combined company's shares, the companies said. In addition, OTC Chief Executive Richard Kay will join Legato's board.
The storage hardware maker's $1.3 billion purchase of Legato Systems will have a significant impact on customers, competitors, partners and the storage management market.
With its offer for Legato Systems, the manufacturer of data storage equipment makes another deal to expand its portfolio of software for managing storage systems.
roundup The storage hardware maker announces deals to acquire Legato Systems outright and to pick up a product line from BMC Software. Also: Microsoft's storage gains.
David Wright, chief executive of storage-software maker Legato, has joined the board of VA Software, the company said. VA raised tens of millions of dollars in a 1999 initial public offering, but earlier this year exited the business of selling Linux servers to focus instead on selling its SourceForge software for collaborative programming projects.
The company joins with EMC and Legato Systems to create a package that hospitals and financial institutions can use to create back-up data centers.