EMC completes Legato stock purchase

OCT. 21–NEW YORK–Data storage company EMC Corp. said it has completed its nearly $1.37 billion stock purchase of software company Legato Systems Inc. as part of its effort to diversify revenue.

The Hopkinton, Mass.-based company announced plans to buy the software company in July as it pushed to increase the percentage of its revenue coming from software to 30 percent in 2004.

Data storage hardware, EMC’s largest business, has suffered from stiff competition and falling prices. EMC said earlier this month that it plans to buy a second software company, Documentum Inc. , also with stock, in a deal worth about $1.4 billion.


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