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Print Edition StoriesStorwize Inc., a data compression hardware and software company focused on improving storage, has been acquired by IBM Corp. The financial details were not disclosed, but a number of websites reported in June that the pending deal was worth about $140 million.
Founded in 2004, Storwize has raised about $40 million in funding from investors including Sequoia Capital, Bessemer Venture Partners, Tenaya Capital, Tamares Group and Tokyo Electron Device. Originally based in California, Storwize moved its headquarters to Marlborough early this year, and officially incorporated in Massachusetts in June.
According to officials, Storwize’s real-time data compression technology can reduce physical storage requirements by up to 80 percent, which lowers storage costs. IBM said it is buying Storwize because of its “unique data compression technology” which can compress multiple types of data from files to virtualization images to databases in real-time.
Storwize counts more than 100 customers such as Mobileye, Polycom Israel, Shopzilla Inc. and Sumitomo Mitsui Construction.
Last month IBM opened up its new campus, dubbed the IBM Mass Lab, in Littleton and Westford, where it brings together approximately 3,400 Bay State employees.
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