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VMware, a leader in the virtualization software market, has announced that it will acquire SpringSource, maker of an open-source platform for Java developers, aiming to secure a stronger foothold in the cloud computing segment. The deal will set back VMware $362 million in cash and stock plus the assumption of $58 million in unvested stock and options. The deal will close in the third quarter."Today's modern computing environments are moving to an application and data-centric world powered by state of the art virtualized and cloud computing platforms," said Paul Maritz, president and chief executive officer, VMware. "The combination of SpringSource and VMware capitalizes on this shift and places us right at the intersection of the most important forces in the software market today â€" virtualization, modern application frameworks and cloud computing."SpringSource is a privately held company that builds software tools to speed up Java development and cut costs. It raised $10!
million in 2007 in a first round of venture capital funding and another $15 million in 2008, making for a very profitable exit for investors Benchmark Capital and Accel Partners. Considering the state of most venture capital-backed companies, the sale comes at a crucial time for investors.SpringSource software is already ...
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http://news.softpedia.com/news/VMware-Acquires-SpringSource-for-420-Million-118900.shtml
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