IBM has acquired Israeli based data storage technology company XIV for what is believed to be $350 million.
XIV’s main product Nextra is a storage system based on a grid of standard hardware components. XIV will become part of the IBM System Storage business unit of the IBM Systems and Technology Group.
Andy Monshaw, general manager for IBM System Storage said that the acquisition of XIV will “further strengthen the IBM infrastructure portfolio long term and put IBM in the best position to address emerging storage opportunities like Web 2.0 applications, digital archives and digital media.”
XIV was founded in 2002 by five graduates from the 14th class of the Israeli Army’s elite “Talpiot” program (hence the XIV) with $3 million in backing, making this a monster exit for them. Executive Chairman and Co-Founder of XIV Moshe Yanai was also previously with EMC.
I think that this wasn’t such a big deal after all for a company like IBM!!!
It is a big deal since the company raised only 3M since foundation and no VC’s were involved. They made more then 100 times for their investment..
Amazing success!
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Is it me or is every division of the Israeli army “elite”
Well if you can turn 3 million in 350 million you must be elite! (-;
IBM has acquired Israeli based data storage technology company XIV for what is believed to be $350 million.
XIV’s main product Nextra is a storage system based on a grid of standard hardware components. XIV will become part of the IBM System Storage business unit of the IBM Systems and Technology Group.
Andy Monshaw, general manager for IBM System Storage said that the acquisition of XIV will “further strengthen the IBM infrastructure portfolio long term and put IBM in the best position to address emerging storage opportunities like Web 2.0 applications, digital archives and digital media.”
XIV was founded in 2002 by five graduates from the 14th class of the Israeli Army’s elite “Talpiot” program (hence the XIV) with $3 million in backing, making this a monster exit for them. Executive Chairman and Co-Founder of XIV Moshe Yanai was also previously with EMC
Not too long ago, I read somewhere that Israel is the most ‘entrepreneurial’ country in the world.
At the time, I found that hard to believe, but it is getting more and more clear that that seems to be the case. Good for them.
eek think about this, they pay the government of Israel 60% of that.
@goflip – Really? 60% tax? And I thought Australia was bad!
@chrisw
At least high tax here is justified (constantly updating infastructure for a (relatively) low population over a very large area. Also we enjoy good health, education and welfare.
But Israel – Why are taxes so high there? Is it because they’re Je…. Kidding, just kidding!
Dude, no offense but that is not funny.
@ Shalom:
you are right, about 20% of the people in Israel are among the most ‘entrepreneurial’ groups in the world. Israel has nothing – no land, no natural resources, so it creates technology and innovation. Israel brings to the world the best technologies in every aspect of life – health, communication, agri-tech, etc. However, 50%-80% of Israel’s population is not productive at all, and I would leave everybody guessing who those people are.
They have paid about 23%-25% tax. Maybe the government is made out of Jewish people, but the people leaving in Israel are Jewish as well, you know what I mean?… ; )
(I’m also Jewish that lives in Israel so I’m allowed to say such things for all of you delicate ones..)
@10 – you’re based in Australia? That means you’re a lazy ass dole blud…Kidding, just kidding!