EMC Agrees To Buy Most Of Cisco's Stake In Joint Venture VCE: Report

Computer storage vendor EMC Corp. is said to have agreed to buy much of Cisco Systems Inc.’s stake in VCE, a joint venture between the two companies, Bloomberg reported Wednesday, citing two people familiar with the matter.

EMC will fold VCE into its business and consolidate the high-end data center equipment maker’s sales into its quarterly earnings results, according to the report.

Cisco had a 35 percent stake in the joint venture that also had investments from chip maker Intel Corp. and VMware Inc., which is part of EMC’s federated organizational structure, according to the report.

EMC and Cisco have increasingly been competing with each other, buying businesses that stepped on each other’s toes, according to the Bloomberg report.

VCE had said in May that it was on track to generate sales worth $1.8 billion in 2014, Bloomberg reported.