Storage giant EMC has dipped into its $2 billion acquisition fund to purchase cloud-based file sharing vendor Syncplicity for an undisclosed sum.
The firm announced the deal at its annual partner and user conference in Las Vegas earlier today, hours after dodging questions from the press about who its next acquisition target might be.
The Syncplicity team remains intact so we can retain our unique culture of innovation and agility.
During a media Q&A session, the firm's chief executive Joe Tucci revealed that EMC has set aside $2 billion to spend on acquisitions, as part of its new product development plans.
"We are going to stick with our M&A strategy and make notable acquisitions. XtremIO [who the firm acquired earlier this month] won't be our last," he added.
Silicon Valley-based Syncplicity offers cloud-based collaboration and file sharing tools, which it claims are used by more than 25,000 businesses and consumers across the globe.
In a press statement, EMC said the company will become part of its Information Intelligence Group (IIG).
Rick Devenuti, president of the EMC's IIG group, said: "As cloud, social and mobile dominate the way work gets done, our customers require more than simple containers for managing and sharing content.
"With Syncplicity, we will deliver best-in-class solutions for true extended enterprise collaboration."
In a blog post, signed off by several of the firm's senior executives, Syncplicity revealed that it will operate as a wholly-owned subsidiary within EMC, allowing it to maintain its "unique" culture.
"The Syncplicity team remains intact so we can continue to retain our unique culture of innovation and agility while also joining our colleagues in IIG to develop amazing solutions that combine the best we each have to offer," it stated.
"Together we will deliver enterprise-grade sync, sharing, mobility and collaboration solutions that a CIO trusts and users love."
