GE to buy 10% in software firm Pivotal for USD105m.
24 April 2013 a[euro]" US conglomerate General Electric Company (NYSE:GE), or GE, is planning to acquire a 10% interest in enterprise Platform-as-a-Service (PaaS) developer Pivotal for some USD105m (EUR80.8m), the latter said on Wednesday.
The firms have also inked a term sheet relating to a planned research and development and commercial accord to speed up GE's ability to create new analytic services and solutions, Pivotal said.
GE's investment and the business agreement are seen to be finalised in the second quarter of the year, following the receipt of regulatory clearance, Pivotal said.
The collaboration between the two companies is regarded as key for GE's Global Software Center in San Ramon, California, which will leverage Pivotal's technologies as a standard source for delivering data analytics and cloud architecture, the target said.
The move falls within GE's strategy to zero in on the industrial Internet, Pivotal noted.Country: USASector: Computer SoftwareTarget: PivotalBuyer: General Electric Company Deal size in USD: 105mType: StakebuildingStatus: Agreed
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|Publication:||M & A Navigator|
|Date:||Apr 24, 2013|
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