Wednesday, October 22, 2014

VCE Acquired By EMC

Richardson, Texas-based VCE, a developer of cloud infrastructure hardware and products, said today that the company is becoming part of EMC, as part of a shift in the company's ownership structure. The company--which has been backed by EMC, Cisco, and VMware--said that Cisco will retain approximately 10% equity interest in VCE as it becomes a business unit of EMC. The company will continue to be led by Praveen Akkiraju. Financial terms of the deal were not announced, however, EMC said it expects to begin reporting VCE financials as part of its consolidated financial statements when the deal closes.