NEW YORK (TheStreet) -- Data-storage specialist EMC (EMC) says Tuesday that it has agreed to acquire California-based cloud specialist Greenplum in an all-cash transaction that's expected to be completed in the third quarter of 2010.

Upon completion of the acquisition, Greenplum will form the foundation of a new data computing product division within EMC's information infrastructure business.

The acquisition is not expected to have a material impact to EMC GAAP and non-GAAP earnings per share for the 2010 fiscal year.

Upon the closing of the transaction, Greenplum's current CEO Bill Cook will lead the new data computing product division and report to Pat Gelsinger, EMC Information Infrastructure Products' president and chief operating officer.

Greenplum's data analytics have been adopted by large, data-driven businesses including the NASDAQ OMX, NYSE Euronext, Skype, Equifax, T-Mobile and Fox Interactive Media.

EMC and Greenplum converge as IT research company IDC predicts that over the next decade the amount of digital data created annually will grow 44 fold.

Shares of EMC settled at $18.16, up 0.7% Tuesday, and are unchanged in after-hours trading.

-- Reported by Andrea Tse in New York

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