So if you use virtualization software with 10 servers, they might act like a hundred, and so on. Virtualization, at the most basic level, is a way to "trick" one server into thinking that it is multiple servers. Instead of focusing on super-high-end storage arrays, EMC began to invest in growth areas like virtualization. Under current CEO Joe Tucci, who took the job in 2001, EMC broadened its product line. And they're unlikely to leave any time soon. If nothing else, this means that there are plenty of EMC customers out there who have been working with the company since the 1990s. In 2001, when Ruettgers stepped down, EMC revenues were at $9 billion. In 1992, when then-CEO Michael Ruettgers took the reins, EMC booked revenues of $120 million. So why did EMC want to sell? Why did Dell want to buy? And does this acquisition have a chance of saving either company? EMC rose with the internetĮMC was founded in Massachusetts in 1979, finding a niche as one of the first companies to make storage for the brand-new computer market.Įventually, EMC expanded into the enterprise-services market, making hardware and software to help its customers with its storage requirements.Īs the internet and corporate networks alike took off, demand for EMC's products went through the roof, particularly EMC's Symmetrix, which ruled the market by providing high-capacity storage to the growing data-center market. HP CEO Meg Whitman told employees on Monday that Dell is likely liable for $2.5 billion in interest alone on that debt every year. Plus, Dell gets a controlling stake in VMware, a $34 billion cloud-computing software vendor in its own right, which was 85% owned by EMC.ĭell is raising about $40 billion in debt financing to make this deal happen. It often indicates a user profile.ĭell is paying $67 billion in cash and stock to buy up EMC, a $54 billion IT titan best known for its data-storage products, in the biggest tech merger deal ever. Account icon An icon in the shape of a person's head and shoulders.
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