Storwize, a company dedicated to real-time data compression (compressing data as it’s being accessed by users), announced today that it has been acquired by IBM.

The company’s “Random Access Compression Engine” (RACE) technology can help clients reduce storage requirements by up to 80 percent, and can compress a variety of files — including databases, virtualization images — that clients are using in real-time. Most other compression companies can’t touch data that’s in use, and are limited to compressing backups.

The acquisition is expected to finalize in the third quarter of 2010. No financial details were disclosed, but we previously reported that IBM was looking to spend $140 million for the company.

Storwize offers two appliances, the STN-2100 and STN-6000, and it says they can be transparently deployed within a client’s network, with no visible impact to users or IT processes. The appliances support common network storage (NAS) protocols like CIFS and NFS, and will work with IBM NAS systems like its N Series and SONAS, as well as solutions from other companies like HP and NetApp.

Based in Marlborough, Mass., and founded in 2004, Storwize has thus far collected $40 million in funding from Sequoia Capital, Bessemer Venture Partners, Tenaya Capital, Tamares Group and Tokyo Electron Device.

Check out a video of Doug Balog, vice president of IBM storage, discussing the acquisition below: