EMC Corp. received an early Christmas present last month when the storage technology company completed its acquisition of enterprise content management firm Documentum Inc. for $1.48 billion.
To close the transaction, EMC in December issued approximately 115 million shares of EMC common stock for all outstanding shares of Documentum.
EMC is operating Documentum as a division of EMC with headquarters in Pleasanton, Calif. Former Documentum President and CEO Dave DeWalt remains on board to run the division as executive vice president of EMC, and president of the Documentum software division. EMC added that the Documentum name, brand and products will all be maintained.
EMC President and CEO Joe Tucci said the two companies "will continue to provide flexible, open solutions that integrate with the widest range of platforms, applications and storage environments, to ensure that customers have the broadest range of options to address their information storage and management needs."
Documentum sales and distribution will operate independently from EMC, while the division's existing partnerships, sales, marketing and services focus will remain the same.