Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, April 16, 2014

VMware says to invest $500 million in India over 3 years, (NYSE: VMW)

Virtualization software maker VMware Inc said it plans to invest $500 million in India over the next three years to expand its operations. The new investment will include about $70 million of unused funds from a $120 million investment plan announced last year, Chief Executive Pat Gelsinger said in a press conference in Bangalore.India is VMware's second-largest operation after its headquarters in California, with offices in Bangalore and Pune.The company, which bought privately held mobile security company AirWatch for $1.54 billion in January, is open to more acquisitions."We are always looking for tuck-in acquisitions to accelerate growth," Gelsinger said.

VMware, Inc., is the provider of virtualization infrastructure solutions utilized by organizations to help transform the way they build, deliver and consume information technology (IT) resources. Shares of VMW traded higher by 1.43% or $1.44/share to $102.22. In the past year, the shares have traded as low as $64.86 and as high as $112.89. On average, 2476440 shares of VMW exchange hands on a given day and today's volume is recorded at 1772940.



Source