Report: IBM to acquire Israeli storage startup

IBM Corp. is said to be in talks to buy Israeli startup XIV Ltd for about Rs.1,184.35 crore ($300) to Rs.1,381.74 crore ($350 million), according to the Globes newspaper, which cited unnamed sources.

XIV was founded in 2002 with Rs.11.84 crore ($3 million) dollars by its chairman Moshe Yanai, formerly of computer infrastructure company EMC, and private investors, the report said. The startup has developed a system of using a computer "grid" network to store information allowing for lower cost scaling of enterprise storage.

"XIV's Nextra grid storage product is a fully scalable high-performance, distributed data storage system," plus company contact details is the only information that is publicly available about XIV.

The company's name is the roman number 14, which is the atomic number of silicon in the periodic table.

- Peter Clarke
EE Times Europe