EMC said Wednesday that it will acquire a controlling interest in VCE as part of a reorganization agreed upon between all arties to build on the business’ hybrid cloud portfolio.
Cisco has kept a 10 percent equity interest and extended its support with renewed and existing engineering, reseller and support agreements with EMC and VCE.
VCE will retain CEO Praveen Akkiraju and the rest of the senior team, EMC said.
Joe Tucci, chairman and CEO of EMC, said the joint venture now needs a “more traditional business structure” following the development of its size, scale and market reach.
“We would like to welcome Praveen, VCE President Frank Hauck and the VCE team to EMC and congratulate them on the tremendous success of VCE,” he added.
EMC said that it sees this change as a new phase of expansion and innovation for VCE following its sixth consecutive quarter achieving above 50 percent in demand growth year over year.