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Pure Storage buys StorReduce in first ever acquisition

The acquisition was announced alongside the company's second quarter financial results, which beat market estimates.
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Written by Natalie Gagliordi on

Enterprise storage provider Pure Storage said Tuesday that it's buying StorReduce, makers of a software-defined storage platform for unstructured data. Pure Storage said the deal -- its first ever -- will bolster its object storage portfolio with sophisticated deduplication technology. Exact terms of the deal were not disclosed.

"The StorReduce team has built an incredibly exciting technology that has the opportunity to make a major impact on next-generation storage architectures," said Pure CEO Charles Giancarlo. "Together, we will help customers execute on data-centric architectures that bridge seamlessly from on-prem to cloud."

The acquisition was announced alongside the company's second quarter financial results, which beat market estimates.

As for the numbers, Pure Storage posted a net loss of $60 million, or 26 cents a share. The company's non-GAAP earnings rang up to a penny per share on revenue of $308.9 million, up 37 percent year-over-year.

Wall Street was bracing for a loss of six cents a share with revenue of $301 million.

The company won around 400 new customers in Q2, including organizations like Honda Federal Credit Union, Fresenius Medical Care, Lufthansa Aero Alzey Gmbh, New York Genome Center, Syntax, TaxSlayer, The University of Texas MD Anderson Cancer Center. Pure Sorage now has around 5,150 customers.

Shares of Pure Storage were up almost 10 percent in after market trading.

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