Noro-Moseley’s portfolio company, Virtustream, has been acquired by EMC to the tune of $1.2 billion in cash. Here’s the quick & dirty:
EMC Corporation (NYSE: EMC) today announced it has entered into a definitive agreement to acquire privately-held Virtustream. When the transaction closes, Virtustream will form EMC’s new managed cloud services business. The acquisition represents a transformational element of EMC’s strategy to help customers move all applications to cloud-based IT environments. With the addition of Virtustream, EMC completes the industry’s most comprehensive hybrid cloud portfolio to support all applications, all workloads and all cloud models. –press release from Virtustream
Who is Virtustream
Virtustream is a cloud software and services provider used by enterprise customers worldwide to migrate and run their applications in the cloud. Their customers include Coca-Cola, Domino Sugar, Heinz, Hess Corporation, and Kawasaki. They are headquartered in Bethesda, Maryland, and have two additional North America Offices: San Francisco and Atlanta.
How This Impacts EMC’s Hybrid Play –
“With Cloudscaling, EMC got an entry into the OpenStack private cloud market and with Virtustream, EMC will instantly gain access to the global footprint of data centers set up by Virtustream.” – MSV Janakiram, a cloud computing consultant
The Local Connection
Virtustream is a Noro-Moseley Partners (NMP) portfolio company. NMP is based in Atlanta and has backed 180+ portfolio IT and healthcare companies. Recent investments include Novu, Advance Health, and OutboundEngine.
The Man to Know
- His investment activities are focused on software and information technology companies.
- Prior to NMP, Alan was the Executive Vice President of Marketing and Business Development for Atlanta-based MindSpring (which merged with EarthLink in 2000). Alan joined MindSpring as its 13th employee in 1995, and oversaw the company’s subscriber growth from 4,000 to over 325,000 in just three years.
- Alan currently serves as board member of Venture Atlanta and is the Past Chair of the Florida Venture Forum. He is a member of the Board of Advisors of the Georgia Tech College of Computing and a charter member of TiE Atlanta.