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IBM strikes USD387m deal to buy Algorithmics in Canada.

MANews-(C)2009-2011

1 September 2011 - US IT giant IBM (NYSE:IBM) said today it had entered into an agreement to take over Canadian risk analytics software provider Algorithmics for USD387m (EUR271.1m) in cash in a move to accelerate its business analytics initiatives.

Following the completion of the deal, which is expected to occur by end-October, the acquired company will join IBMa[euro](tm)s software group, together with its 900 employees.

Toronto-based Algorithmics provides risk analytics software to banking, investment and insurance customers. The company generated USD163.7 in revenues last year.Country: Canada, Sector: Business and Consumer Services, Computer SoftwareTarget: Algorithmics IncBuyer: International Business Machines Corporation (IBM)Deal size in USD: 387mType: Corporate acquisitionStatus: Agreed

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Publication:M & A Navigator
Date:Sep 1, 2011
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