Irvine-based Avamar Technologies Inc., a maker of data storage software and devices and one of Orange County’s better funded startups, is being bought for $165 million by EMC Corp.
The buy is set to be completed within 30 days. EMC is paying cash for Avamar.
Avamar is set to become part of Hopkinton, Mass.-based EMC’s storage product operations group.
Ed Walsh, Avamar’s chief executive, is set to report to Mark Sorenson, head of EMC’s information management software unit.
Avamar’s software is used by corporations to back up data. It eliminates redundant data, saving disk space on storage networks used by banks, corporations, Internet companies and others.
The company has raised more than $50 million in venture financing, including from Goldman Sachs, Morgan Stanley and CMGI Inc.
