After being rebuffed on two previous occasions, business storage giant EMC has finally concluded a deal to acquire consumer storage company Iomega for $213 million
, or $3.85 per share. With this, EMC is looking to push into the consumer and small business sectors, aided by Iomega’s well known brand and knowledge of these markets.
Iomega was a notable name during the 1990s with popular products such as Zip and Jaz drives, though they suffered from some serious malfunctions that led to the term “click of death
.” The company has since moved into storage appliances and managed security services. The deal is expected to close in the second quarter this year, following regulatory approval.