IBM to buy Israeli startup for $300 million: report

JERUSALEM (Reuters) - International Business Machines Corp (IBM.N) is in advanced talks to buy Israeli start-up XIV Information Systems for $300 million to $350 million, financial daily Globes reported on Monday.

XIV officials declined to comment.

According to Globes, XIV has developed a system that replaces conventional storage technologies through the use of grid technology and less expensive hardware.

(Reporting by Sergio Tjong-Alvares, Editing by Erica Billingham)