Rochester, NY 7/28/2009 10:55:55 PM
International Business Machines, IBM - Purchase SPSS Inc. in $1.2 billion Cash Agreement
INTERNATIONAL BUSINESS MACHINES
INTERNATIONAL BUSINESS MACHINES, IBM
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IBM Corp. was in the acquisition frame of mind on Tuesday after it announced plans to acquire SPSS Inc. for about $1.2 billion as part of a broader foray into the market for business-analytics software.
IBM said the SPSS acquisition will help it better meet its clients needs for technology that helps them cut costs and risk while increasing profitability. IBM already licenses SPSS technology and has shifted more research and personnel into the business-analytics area in recent months. The deal values SPSS at $50 a share, a 42% premium over the stock's Monday closing price. In early trading Tuesday, SPSS shares rose $14, or more than 40%, to $49.15.
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