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IBM Corp.’s acquisition of Marlborough-based data compression hardware and software firm Storwize Inc. has been completed.
The planned buyout was announced in July, with several websites having reported in June that the deal would be worth about $140 million. No financial terms of the acquisition have been disclosed.
As part of the buyout, Storwize will become part of the IBM Systems and Software Group. Storwize developed real-time data compression technology intended to lower storage costs by reducing physical storage requirements by up to 80 percent. Its Random Access Compression Engine (RACE) will incorporate into IBM’s data analysis offerings.
Storwize was founded in 2004 in California and moved to Marlborough earlier this year. The company had raised about $40 million in funding from Sequoia Capital, Bessemer Venture Partners, Tenaya Capital, Tamares Group and Tokyo Electron Device.
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