EMC Corp. (NYSE: EMC) today announced the acquisition of storage resource management (SRM) startup Astrum Software Corp. -- coming less than seven months after EMC bought another SAN management player, Prisa Software (see EMC Acquires Astrum Software and EMC Acquires Prisa).
The financial terms of the Astrum deal weren't disclosed, although EMC spokesman Greg Eden says it was all cash. Astrum had raised $6.3 million total to date, primarily from JMI Equity Fund LP; other investors included Ironside Ventures LLC and Morgan Keegan & Company Inc.
It's safe to assume EMC paid somewhere north of $6.3 million for Astrum. But seeing as EMC had $1.7 billion in cash and cash equivalents as of Dec. 31, 2002, this is hardly a blot on the balance sheet.
An industry source speculates that Astrum's VCs pulled the plug -- and that EMC picked up the company for a relative bargain. "Their last round was in early 2001, and they had issues growing like all other the other small SRM players," the source says.
EMC says it will continue Astrum's existing OEM deal with tape library and storage software vendor Overland Storage Inc. (Nasdaq: OVRL), which those two companies struck in mid-2002 (see Overland Takes Software Route).
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