EMC Bids $2.5M for Intellectual Property
EMC bid $2.5 million to acquire intellectual property from storage service provider Sanrise.EMC Corp., having failed in its attempts so far to directly trade application programming interfaces with arch rival Hitachi Ltd., is stepping up its efforts to obtain them indirectly. EMC, of Hopkinton, Mass., has bid $2.5 million to acquire intellectual property from Sanrise Inc., a storage service provider that filed for Chapter 11 bankruptcy protection this summer. Sanrise partnered with Hitachi to build a storage management product, but that was abandoned before it ever shipped, said Sanrise Chief Operating Officer Philip Connolly, the top executive left at the 59-person, Dublin, Calif.-based company. Sanrise instead focused on selling its technology to customers like Cable & Wireless plc and more than a dozen others, which he declined to name. The EMC deal will not affect Sanrises ability to stay in the service provider business, Connolly added.
The U.S. Bankruptcy Court in Oakland, Calif., was expected to determine Friday how much time other companies have to counter EMCs bid, Connolly told eWEEK. Barring such a bid, "Were moving forward to close the transaction," he said.