Pure Storage on Wednesday announced the acquisition of Portworx, a Los Altos, California-based data storage software company, for $370 million in cash. The deal is the largest acquisition in Pure’s history.
Pure (PSTG) says Portworx provides a platform for “persistent storage, backup, disaster recovery, data security and capacity management” for software that uses Kubernetes-based container designs. Kubernetes is an increasingly popular open-source system for deploying, scaling, and managing applications.
“As forward-thinking enterprises adopt cloud native strategies to advance their business, we are thrilled to have the Portworx team and their groundbreaking technology joining us at Pure to expand our success in delivering multi-cloud data services for Kubernetes,” Pure CEO Charles Giancarlo said in a statement. Pure notes that 451 Research recently reported that 95% of new enterprise applications are now being developed using containers.
“What’s really going on here is that large enterprises are making big changes in their IT and application infrastructure,” Portworx CEO Murli Thirumale said in an interview with Barron’s. “Fast enterprises will eat the slow ones, and data is the currency to win in their industries…. What we do is play the role of enabling customers to have data agility to match their application agility.”
Pure’s Giancarlo said in an interview that Pure will use cash on its balance sheet to fund the transaction, which should close within 30 days. He adds that Portworx has just under 100 employees, all of whom will be added to Pure’s payroll. Giancarlo said he doesn’t expect the deal to materially affect the company’s current financial outlook.
Portworx had raised $55.5 million in venture capital from a group of investors that includes Mayfield Fund, GE Ventures, Mubadala Capital, NetApp, Cisco and Sapphire Ventures.
Pure on Tuesday was up fractionally at $15.28.
Write to Eric J. Savitz at eric.savitz@barrons.com
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September 16, 2020 at 08:00PM
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Pure Storage Buys Portworx for $270 Million - Barron's
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