EMC Corp. (NYSE: EMC) has dropped the hammer on another gigantic deal in the software space: The company today announced plans to acquire Documentum Inc. (NYSE: DCTM), a provider of enterprise content management software, in a stock swap valued at around $1.7 billion (see EMC to Buy Documentum for $1.7B).
Word of the deal comes after EMC's announcement in July that it would buy backup and archiving software vendor Legato Systems Inc. (Nasdaq: LGTO) for about $1.3 billion in stock (see EMC Gobbles Legato).
Documentum, based in Pleasanton, Calif., develops content management software that allows organizations to "proactively manage their unstructured content." EMC says it plans to integrate Documentum's intelligent content management software with EMC's storage systems and data management software.
The fact that EMC was intending to make another sizeable deal was no secret. When the Legato purchase was announced, Joe Tucci, EMC's president and CEO, told reporters and analysts that Hopkinton wasn't done yet: "There are segments that we're interested in that we're looking at... I've never said where we're going to hunt... but Legato plus reasonable growth will not get us to [software representing] 30 percent [of total revenues], and that is still our target."
In statement today, Tucci said, "We believe Documentum's rich software development talent, its management strength and depth, its top-notch sales, marketing and services expertise in content management, and its blue-chip customer base will add significant strategic value as EMC continues to evolve." He also noted that EMC, Documentum, and Legato have achieved a combined total of more than $2 billion in software license and support revenues in the most recent 12-month period.
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