Storage - Wednesday, January 2, 2008
IBM Buys Novel Israeli Storage Firm XIV for $300M+
IBM has bought Israeli storage start-up XIV. Financial terms of the deal were not disclosed but Israeli newspaper Globes estimates XIV was sold for $300-350M. The grid storage systems developer was founded in 2002 and currently employs 35 people. Since inception only $3M dollars have been invested in the company, which came from chairman Moshe Yanai, formerly of storage solutions giant EMC, and private investors.
XIV sells a storage area networking technology that combines software and off-the-shelf hardware into a high-performance storage grid that provides advanced management features like built-in virtualization and remote mirroring. The startups says it lets businesses easily and economically assemble and expand homogeneous storage networks by using commodity hardware rather than the ungodly expensive tier 1 hardware that is the standard.
VCs see to have missed XIV. The company has raised $3M but it come from Chairman Moshe Yanai, who was with storage giant EMC.
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